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Vietnam: Leading brewers see profit gains as beer demand grows
The beer industry in Vietnam experienced notable growth in Q3 2024, with Sabeco and Habeco both reporting higher revenues and profits, VietNamNet reported on November 3.
The Saigon Beer – Alcohol – Beverage Corporation (Sabeco) recently released its consolidated financial report for Q3 2024, showing revenue exceeding VND 7,700 billion ($320.8 million), an increase of VND 200 billion compared to the same period last year. Gross profit rose slightly year-on-year to over VND 2,278 billion.
After deducting expenses, Sabeco achieved a net profit of VND 1,161 billion, an 8.1% rise from Q3 2023.
For the first nine months of the year, Sabeco's revenue reached VND 22,940 billion, with post-tax profit hitting VND 3,504 billion, marking increases of 5% and nearly 7% respectively compared to the same period last year.
In Q3, net sales revenue from goods and services surpassed VND 7,670 billion, up by VND 256 billion from Q3 2023. For the cumulative nine-month period, this figure rose by almost VND 1,000 billion.
According to Sabeco, the higher net sales were primarily due to positive impacts from price hikes, economic improvement despite strict enforcement of Decree 100, and intense market competition. Additionally, Sabeco's net profit remained robust due to higher gross profit and reduced selling expenses, partly offsetting the decline in interest income.
The Q3 financial report noted that Sabeco’s selling expenses were VND 2,612 billion, down nearly 17% from the same period last year.
Similarly, the northern counterpart, Hanoi Beer – Alcohol – Beverage Corporation (Habeco), also reported Q3 2024 business growth.
Habeco's revenue for the quarter reached VND 2,348 billion, up 2.1% year-on-year. After deducting the cost of goods sold, gross profit increased by VND 53 billion (equivalent to a 9% rise) compared to the same period last year.
During the period, Habeco's financial revenue dropped 24% to over VND 44 billion, while fixed costs rose slightly. Despite this, Habeco’s net profit still reached over VND 124 billion, a 37% increase from Q3 2023.
For the nine-month period, Habeco’s net revenue was approximately VND 6,000 billion, up 8% year-on-year. However, higher selling expenses, up 17% to nearly VND 972 billion, led to a slight 2% decrease in net profit to below VND 273 billion.
Habeco noted that Q3 saw an improvement in product consumption as the domestic economy gradually stabilized compared to the previous year. The company has also maintained effective control over production and business expenses.
With these results, Habeco has surpassed its profit target by 43% and achieved nearly 91% of its annual revenue goal.
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