AsemconnectVietnam - Saigon Beer-Alcohol-Beverage Corporation (Sabeco, stock code SAB) has just announced its financial statements for the second quarter and first six months of 2023.

Accordingly, in the second quarter of 2023, Sabeco recorded net revenue from sales and service provision of VND8,312 billion, down 8% compared to the same period last year. Cost of goods sold decreased 2% to VND5,824 billion, gross profit on sales reached VND2,487 billion, down 19% over the same period last year.
During the period, the Company had financial revenue of VND354 billion, an increase of more than VND100 billion, corresponding to an increase of 40% compared to the same period last year and financial expenses decreased by 35% over the same period (recorded VND17.2 billions). In addition, selling expenses increased by 15%, general and administrative expenses increased by 21%. As a result, profit after corporate income tax reached VND1,210 billion, down 32% compared to the same period last year.
Sabeco said its business results were lower than in the second quarter of last year due to increasingly fierce competition, lower consumer demand due to the adverse impact of the unstable economy along with the cost of packaging and raw materials, selling and administrative expenses are higher.
In the first 6 months of 2023, Sabeco recorded revenue of VND14,526 billion, down 11% compared to the same period last year and profit after tax of VND2,214 billion, down 27% compared to the same period last year.
In 2023, Sabeco sets a business plan with net revenue of VND40,272 billion, up 15.1%; profit after tax is expected to be VND5,775 billion, up 5% compared to the implementation in 2022.
Thus, at the end of 6 months, Sabeco has only completed 36% of the revenue plan and 38.3% of the profit plan.
Sabeco said that this year, the company will promote strategic projects to consolidate breweries, including the acquisition of the controlling right of Saigon - Binh Tay Beer Group Joint Stock Company, in which there are 6 breweries, 2 packaging factories and the Sagota brand of beer. Sabeco is also in the process of increasing its ownership rate in Saigon Mien Tay Beer JSC from 51% to over 70%.
Sabeco believes that the trend of consuming sub-premium beer lines will continue to grow. However, the trend of shifting to lower segments of consumers as incomes affected by the prolonged Covid-19 pandemic could affect 2023 revenue.
In March 2023, Sabeco held the Groundbreaking Ceremony of Quang Ngai Brewery to double capacity, implement solar energy projects for 9 existing factories and is expected to invest in 7 more factories in 2023; The company continues to increase its ownership in member units.
N.Nga
Source: VITIC/Tinnhanhchungkhoan