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