Vietnam: Sabeco reports 75% year-on-year surge in after-tax profits for January-September

Vietnam’s biggest brewer Sabeco gained after-tax profits exceeding VND4.42 trillion ($1=VND24,800) in the first nine months of 2022, a year-on-year surge of 75%, the VnExpress International reported on October 22.

Sabeco’s revenues surpassed VND25.1 trillion, up 44% on-year, according to its latest financial statements. Meanwhile, the firm spent over VND1.8 trillion on advertisements and promotions.

In the third quarter, Sabeco made revenues of over VND8.635 trillion, doubling last year’s figures, and after-tax profits of more than VND1.3 trillion, nearly treble the previous amount.

Bao Viet Securities said the brewer’ beer selling prices would increase 10% this year against 2021, amid room for Vietnam’s beer industry to grow.

The country produced over 4.3 billion litres of beer in the first nine months, up nearly 36% against the same period last year, and up 15.5% against the same period of 2019, the pre-Covid period, according to the General Statistics Office.

Vietnam is the biggest beer consumer in Southeast Asia and the ninth biggest in the world, according to Japanese drinks company Kirin Holdings, with demand likely to grow further as a large young population reaches adulthood, Nikkei reported.