Sabeco report $78 million second-quarter profit

July 30, 2022 | 09:56

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Saigon Beer-Alcohol-Beverage (Sabeco) has just reported its consolidated financial statement for the second quarter with an increase of 67 per cent in after-tax profit which reached $78 million.

Sabeco report $78 million second-quarter profit

Sabeco report its highest profit at $78 million in the second quarter

In the second quarter of the year, Sabeco's net revenue reached more than $391 million, a rise of 25 per cent on-year, which is the company's best revenue in a quarter since the outbreaking of the pandemic. Its gross profit margin also improved to 35 per cent (from 31 per cent), and gross profit rose by 40 per cent on-year.

Both gross revenue and profit increased sharply, but Sabeco's expenses did not change much over the same period. So, Sabeco's after-tax profit reached nearly $78 million, up 67 per cent on-year – its highest-profit quarter ever.

Sabeco's statement explained that its net sales and after-tax profit have improved and are higher than last year as the country emerged from lockdown by reopening the borders to international tourism, which led to stronger consumer demand.

In the first six months of the year, Sabeco reported about $709 million in total revenue and $130 million in after-tax profit, an increase of 25 and 47 per cent on-year respectively.

Of this, revenue from beer stood at $629.6 million, up 24 per cent on-year, material sales generated $76 million, a rise of 32 per cent, and other beverages brought in $4.3 million, up 13.5 per cent.

In 2022, Sabeco targeted $1.5 billion in net revenue and $200 million in after-tax profit, an increase of 32 and 17 per cent on-year. So after the first half of the year, Sabeco has accomplished about 50 per cent of its revenue plan and 65 per cent of its profit goal.

By Hara Nguyen

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