Sabeco's Q3 after-tax profit slightly increase to over $63 million

Bich Phuong Friday | 10/30/2020 14:37

Sabeco has beaten 2020 whole-year profit target by 5 percentPhoto: Dan Tri

Vietnam’s largest brewer Sabeco reported VND1,470 million post-tax profit in third quarter, up 1 percent from a year ago, on post-pandemic market recovery and better cost management.

However, third quarter net revenue fell 17 percent to VND8,052 billion, according to its financial statement.

Sabeco’s net income in the quarter reached VND1,393 billion, approaching the record high VND1,438 billion in the second quarter of 2019. The beer maker said that profit recovered on market recovery from the controlled pandemic and better cost management.

In the first 9 months of the year, Sabeco recorded VND20,096 billion in revenue, down 29 percent and VND3,403 billion after-tax profit, down 20 percent from a year ago.

The reduction in sales and profit came after the drunk-driving law which came into effect early this year.

In 2020, the Thaibev’s beer unit targeted VND23,800 billion in revenue, down 37 percent, and after-tax profit to drop by 39 percent to VND3,252 billion.

With the nine-month business results, Sabeco has beaten whole-year profit target by 5 percent and completed 84 percent of the revenue plan.

Recent Bloomberg report says that Heineken wanted to sell 25.2 million Sabeco shares at VND184,000 apiece. And on October 14^th, foreign investors traded 26.6 million SAB shares at VND184,000 apiece.

► Government plans to sell 36% remaining holding stake in Sabeco

► Sabeco to retain 2020 dividend at 35%, profit projected to drop 39%