SABECO SETS A TARGET FOR CONTINUED GROWTH IN 2024

Ho Chi Minh City, April 25, 2024. At its 2024 Annual General Meeting of Shareholders, Saigon Beer, Alcohol and Beverage Corporation ( SABECO ) reported its business results for 2023, recording after-tax profit of VND 4,255 billion. Based on the context and forecasts of the global and Vietnamese economies, SABECO continues to set business growth targets for 2024, while promoting efficient commercial and production activities alongside actions aimed at sustainable development .

Results for 2023

In 2023, the Vietnamese beer market faced numerous challenges due to fluctuating raw material prices caused by disruptions to the global supply chain, rising inflation and interest rates, consumer spending cuts due to the economic downturn, and the tightening of certain related policy tools. According to the General Statistics Office of Vietnam, beer consumption in Vietnam experienced a sharp decline in the second half of 2023.

According to the consolidated financial report for 2023, SABECO recorded revenue of VND 30,461 billion and profit of VND 4,255 billion, achieving 76% and 74% respectively of the targets set at the 2023 Annual General Meeting. Based on the business results, the Board of Directors proposed a final dividend rate of 20%, resulting in a total annual dividend yield of 35% for shareholders, which was approved.

Mr. Lester Tan, General Director of SABECO, shared : “ Although recording a decrease of nearly 23% compared to the results of 2022, the business results of 2023 have affirmed our resilience and competitiveness, along with significant profitability for shareholders. Key changes have been made. ” "This is what we are implementing to maintain Bia Saigon's position as the leading beer brand in Vietnam."

To achieve those business results, SABECO has focused on promoting three areas: Commercial Excellence, Supply Chain Efficiency, and ESG (Environmental, Social, and Governance) initiatives.

Growth focus in 2024

Facing significant opportunities such as a favorable demographic structure, rapidly increasing incomes, and the potential for economic recovery, while also considering the tightening of policy tools and forecasts for the global economy in 2024, SABECO has set a target of achieving net revenue of VND 34,397 billion and profit of VND 4,580 billion, representing increases of 13% and 8% respectively compared to 2023. Three key areas – optimizing commercial operations, supply chain efficiency, and ESG – remain the cornerstone objectives to help the company achieve its expected goals.

Mr. Koh Poh Tiong, Chairman of the General Meeting of Shareholders and member of the Board of Directors: “ This year, the SABECO Board of Directors has established the Sustainable Development and Risk Management Committee (SRMC) to support the Board of Directors in effectively implementing ESG initiatives and objectives, under the risk advisory of the Board of Directors and the Audit Committee, ensuring the interests of investors and shareholders. We look forward to continuing to receive the support of shareholders so that together we can conquer new heights,” he emphasized.

About SABECO

Having gone through 148 years of formation and development in the beverage industry, Saigon Beer, Alcohol and Beverage Corporation – SABECO has established itself as one of the leading corporations in Vietnam.

SABECO's nationwide system comprises 26 factories, 11 member trading companies, and a network of hundreds of thousands of sales points across the country. SABECO proudly offers a portfolio of beer brands beloved by Vietnamese consumers, such as Lac Viet Beer, Saigon Chill Beer, 333 Beer, Saigon Special Beer, Saigon Export Beer, Saigon Lager Beer, and Saigon Gold Beer.

Our iconic brands, Bia Saigon and Bia 333, consistently meet quality standards certified by reputable domestic and international organizations. Bia Saigon has been voted a National Brand for many years. Most recently, it won the Asian Beer Championship 2022, a gold medal at the International Beer Awards (IBA) 2019, gold, silver, and bronze medals at the International Beer Cup 2019 (IBC), gold and silver medals at the International Beer Awards in Australia 2020 (AIBA), and gold and silver medals at the Monde Selection 2021.

With a commitment to investing in business development alongside sustainable development, SABECO always strives to create positive changes to enhance the position of Vietnamese brands, while promoting positive development for the community and Vietnam. Accordingly, SABECO's sustainable development model focuses on four objectives: Consumption, Conservation, Country, and Culture.

For more information about SABECO, please visit: www.sabeco.com.vn

For press information, please contact:

Ms. Dinh Nguyen Thi Huong – Director of Communications at SABECO, huongdnt@sabeco.com.vn

Source: http://www.sabeco.com.vn/truyen-thong/tin-tuc-su-kien/sabeco-dat-muc-tieu-tiep-tuc-tang-truong-nam-2024