SABECO posts US$87.1 million after-tax profit in H1 despite COVID-19
HÀ NỘI — The country’s largest brewer, Saigon Beer-Alcohol-Beverage Corporation (SABECO) hit more than VNĐ 二 trillion (US$ 八 七. 一 million) after-tax profit in the first half of the year, posting a 六 per cent year-on-year increase.
SABECO on Thursday announced its business results in the first six months of the year, saying that they have implemented many comprehensive solutions to optimise business management and continue to promote sales activities. These have contributed to minimising the impact of the third and fourth waves of the COVID- 一 九 pandemic and improve business efficiency.
Accordingly, its revenue in the first six months of the year reached VNĐ 一 三. 一 trillion, an increase of 九 percent over the same period last year. Of this, VNĐ 一 一. 六 trillion came from beer products, accounting for 八 九. 一 per cent and selling raw materials contributed more than 一0 per cent of total revenue. The rest was soft drinks, wine, alcohol and other items.
In the second quarter of the year alone, its revenue was VNĐ 七. 二 trillion, the equivalent to the corresponding period last year.
COVID- 一 九 saw SABECO reduce its expenditure markedly. Particularly, interest expenses decreased by 二 二 per cent while management costs were also cut by 五 四 per cent in the period.
However, the corporation’s spending on promotions and advertisements increased by 四 四 per cent to VNĐ 一. 九 trillion.
This year, SABECO set a revenue target of VNĐ 三 三. 五 trillion and profit of VNĐ 五. 三 trillion.
By the end of June, SABECO's total assets reached VNĐ 二 八. 五 trillion, up 四 per cent compared to the beginning of the year. This includes bank deposits with a term of three months to one year of VNĐ 一 五. 二 trillion, accounting for 五 四 per cent of the total.
At its shareholders meeting in April, SABECO’s board of directors expected good business results.
However, SABECO is also dependent on the global economy, which is connected to export products as well as tourist arrivals.
The company expects vaccinations to be implemented quickly and efficiently globally. In this case, they could return to normal or near-normal in the next one to two years. — VNS