Sabeco's third-quarter after-tax profit drops 23% to VND1.07 trillion

Xuan Thinh Monday | 10/30/2023 16:47

Photo: mekingasean.vn

Vietnam’s top beer maker Sabeco has reported an after-tax profit of VND1.07 trillion ($43.7 million) in the third quarter of 2023, down 23% from a year ago.

According to its Q3 financial statement, ThaiBev's subsidiary in Vietnam posted net revenue of VND7.4 trillion ($301 million), a fall of more than 11%.

Sabeco attributed the lower revenue and profit on tough competition from worldwide beer brands, weaker consumer demand as a result of economic uncertainties, and increased raw material prices, although sales and corporate management expenses had fallen marginally.

The brewer's income from financial activities climbed 31.3% to more than VND373 billion ($15.17 million) in the reviewed quarter, owing mostly to increasing bank deposit interest.

Sabeco reported net sales of VND21.94 trillion ($892.6 million) and after-tax profit of roughly VND3.3 billion ($134,260) in the first nine months of the year, both down 12% and 25.7% from the same time the previous year.

Sabeco has set net sales and post-tax profit projections for 2023 of VND40.27 trillion ($1.72 billion) and VND5.78 trillion ($246.2 million), respectively, increasing 15.1% and 5% year on year.

During the first nine months of the year, the firm achieved 54.5% of its sales objective and 57% of its after-tax profit target.

Sabeco's total assets reached VND33.43 trillion ($1.36 billion) as of September 30, including VND22.4 trillion ($911.3 million) in cash and bank deposits.

Its overall liabilities stood at VND6.9 trillion ($280.7 million), a 30% decrease from the start of the year.