The Saigon Beer – Alcohol – Beverage Corporation (Sabeco) has announced its consolidated financial results for the third quarter of 2024, revealing a revenue of over VND 7,700 billion (approximately $320.8 million). This marks an increase of VND 200 billion compared to the same period in 2023. The company’s gross profit also saw a modest rise, reaching VND 2,278 billion year-on-year.
After accounting for expenses, Sabeco reported a net profit of VND 1,161 billion, representing an 8.1% increase from Q3 2023. For the first nine months of 2024, Sabeco’s total revenue stood at VND 22,940 billion, with a post-tax profit of VND 3,504 billion, reflecting growths of 5% and nearly 7% respectively from the prior year.
In Q3, net sales from goods and services surpassed VND 7,670 billion, increasing by VND 256 billion compared to the same quarter in 2023. For the cumulative nine-month period, this figure grew by almost VND 1,000 billion. Sabeco attributed its higher net sales to a combination of price increases, an improving economy despite the strict enforcement of Decree 100, and heightened market competition. Additionally, a reduction in selling expenses contributed to maintaining a robust net profit, offsetting declines in interest income.
The financial report indicated that Sabeco’s selling expenses totaled VND 2,612 billion, down nearly 17% from the previous year.
In a similar vein, Hanoi Beer – Alcohol – Beverage Corporation (Habeco) also reported positive growth for Q3 2024. The company generated revenue of VND 2,348 billion, an increase of 2.1% year-on-year. Gross profit rose by VND 53 billion, equivalent to a 9% increase compared to the same quarter in 2023, despite a 24% decline in financial revenue to over VND 44 billion and a slight increase in fixed costs. Nonetheless, Habeco achieved a net profit of over VND 124 billion, reflecting a 37% rise from Q3 2023.
For the nine-month period, Habeco’s net revenue reached approximately VND 6,000 billion, up 8% year-on-year. However, an increase in selling expenses, which rose 17% to nearly VND 972 billion, resulted in a slight 2% decrease in net profit to just below VND 273 billion.
Habeco noted an improvement in product consumption as the domestic economy gradually stabilized compared to the previous year. The company also emphasized its effective control over production and business costs.
With these results, Habeco has exceeded its profit target by 43% and achieved nearly 91% of its annual revenue goal.
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