Vietnam: Sabeco’s revenue drops 17% in Q3 2020
Sai Gon Beer-Alcohol-Beverage JSC (Sabeco), Vietnam’s biggest brewer, reported revenue down 17 percent and post-tax profit up 1 percent in the third quarter of this year, VietnamPlus reported on October 31.
They reached 8 trillion VND (345.3 million USD) and 1.47 trillion VND (65.45 million USD), respectively. Gross profit margin increased from 24.6 percent to 30.7 percent.
Although revenue declined compared to last year, it was up from the previous quarter thanks to the recovery of the market after the COVID-19 pandemic. It attributed the growth in profit to better cost management.
In the first nine months of this year, Sabeco recorded revenue of 20.1 trillion VND (867.58 million USD), after-tax profit reached 3.4 trillion VND, down 29 percent and 20 percent, respectively, compared to the first nine months of 2019.
Thus, after the first nine months, the company completed 84 percent of the annual revenue plan and nearly 105 percent of the profit plan.
Sabeco plans to achieve 23.8 trillion VND in revenue, 3.25 trillion VND in revenue and post-tax profit this year, down 37 percent and 39 percent compared to results achieved in 2019.
As of September 30 this year, Sabeco’s total assets increased by 2.7 percent to 27.7 trillion VND. Of which, cash and short-term financial investments reached 17.5 trillion VND, accounting for 63.2 percent of total assets.
Fixed assets reached 4.8 trillion VND, accounting for 17.4 percent of total assets. Long-term financial investment reached 2.27 trillion VND, accounting for 8.2 percent of total assets. Inventory totalled 1.7 trillion VND, accounting for 6.2 percent of total assets.
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