Sabeco reports 18 percent rise in profit

15:16 | 06/05/2017 Companies

Saigon Beer, Alcohol and Beverage Corporation (Sabeco) announced its net profit in the first quarter of 2017 rose 18.8 percent year-on-year to 1.12 trillion VND (49.78 million USD).

Workers load beer packages on trucks at Saigon-Ninh Thuan Beer Company, a member of Sabeco (Photo:VNA)

Sabeco also reported its total revenue increased by 4.9 percent yearly to 7.48 trillion VND, with pre-tax profit up 18.2 percent to 1.45 trillion VND.

By the end of March 31, Sabeco’s total assets reached value of 18.75 trillion VND, a decline of 2.3 percent from the beginning of this year with the biggest proportion bank deposits, which reached value of 6.64 trillion VND.

Sabeco said in the quarterly financial report released last week that revenue increased sharply because selling prices rose in the first quarter, making the percentage of total selling cost in the company’s revenue decrease significantly.

In the first quarter, Sabeco sold its entire 0.46 percent stake in the Vietnam Export Import Commercial Joint Stock Bank (Eximbank), which was recorded at 36.6 billion VND on January 1.

The divestment helped increased Sabeco’s financial income by 1.5 times to 145 billion VND.

Sabeco remained the shareholder of nine other companies, including some financial and banking institutions that are the Orient Commercial Joint Stock Bank (OCB), DongA Bank, PVI Southern Insurance Company and Sabeco Packaging Joint Stock Company.

Among those companies, the biggest investments are in the OCB and DongA Bank with initial values of 216 billion VND and 136 billion VND, respectively.

Sabeco is listed on the HCM Stock Exchange under code SAB. The company’s shares ended on May 3 at 199,900 VND per share.

Theo VNA