Brewer Habeco sees 2022 profit surge 63%

Leading Vietnamese brewer Habeco has reported after-tax profit of VND527 billion ($22.47 million) for 2022, up 63% year-on-year and equal to 138% of its target.

The company, or Hanoi Beer Alcohol Beverage Corp., posted net revenue at VND8,398 billion ($358.2 million), up 21% year-on-year and 27% higher than the target.

In the fourth quarter of 2022, Habeco recorded net revenue of VND2,468 billion ($105.25 million) and after-tax profit of VND51.7 billion ($2.2 million), up 26% and 35 times, respectively.

As of December 31, 2022, the company's assets stood at VND7,256 billion ($309.5 million), a 2% increase compared to the beginning of the year. Short-term assets were VND4,868 billion ($207.6 million), up 12%, and inventories hit VND723 billion ($30.83 million), up 30%.

Habeco is the leading brewer in northern Vietnam with brands Hanoi beer and Hanoi draft beer. Its products are mainly for mid-range and lower segments, while in recent years more consumers have tended to choose premium brands. This has significantly affected Habeco's market share.

Habeco is listed on the Ho Chi Minh Stock Exchange as BHN. Its share price closed on Monday at VND47,500 ($2.03).