Sabeco projects profit down 19% in 2018
With Thaibev being a major shareholder of Saigon Beer Alcohol Beverage Corp (Sabeco), Vietnam`s largest domestic brewer considers 2018 to be a turning point for its next development phase, said the company.
Sabeco has set its pre-tax profit target in 2018 at VND4 trillion (US$173.2 million), down 19% year-on-year, following a decline in Vietnam's beer consumption, according to the brewer.
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Therefore, this would be the third consecutive year that Sabeco will experience a decline in profit.
In the first quarter of this year, Sabeco posted a profit of VND1.1 trillion (US$48.2 million), down 1.1% year on year, according to the company`s quarterly consolidated financial statement.
Meanwhile, the brewer's revenue from January to March reached VND7.8 trillion (US$342 million), up 4.6% year on year.
As of March 31, Sabeco's total assets were worth VND20.7 trillion (US$907.7 million), down 5.6% compared to end-2017, in which short-term assets stood at VND12.5 trillion (US$548 million) and long-term assets VND8.1 trillion (US$355 million).
The brewer also reported payables at VND5.2 trillion (US$228 million), down 31% compared to end-2017. Notably, the company's short-term debt witnessed a decrease of 32% to VND5 trillion (US$219 million).
Currently, the Ministry of Industry and Trade and Vietnam Beverage, a local unit where ThaiBev holds control, own a combined 89.6% stake of Vietnam's largest brewer. Fund manager Dragon Capital holds a minority stake in the beer producer.
Last December, the Vietnamese government sold nearly 54% stake in Sabeco to Vietnam Beverage for US$4.89 billion. ThaiBev, controlled by tycoon Charoen Sirivadhanabhakdi, through its local unit Vietnam Beverage, purchased 343.42 million shares at the starting price of US$14.05. The only other bidder, a Vietnamese individual, bought 20,000 shares, or 0.003%, at a price of US$14.07 each.
In 2017, Sabeco alone produced 1.77 billion liters of beer, an increase of 6.6% year-on-year, while the second largest domestic brewer, Habeco (18% market share), brewed 657.6 million liters, down 6.5%.
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