Sabeco posts weakest revenue in a decade in 2025 as beer demand slows

Saigon Beer-Alcohol-Beverage Corp (Sabeco) reported its lowest annual revenue in more than a decade in 2025 as beer consumption weakened, though aggressive cost controls helped the brewer post a modest increase in profit.

The Ho Chi Minh City–based company said full-year net revenue fell nearly 19% from 2024 to VND25.89 trillion ($1 billion), the lowest level since 2015, according to its fourth-quarter financial statements.

Net profit edged up almost 2% year-on-year to VND4.57 trillion ($176.29 million) last year.

Sabeco (HoSE: SAB) had targeted net revenue of VND31.64 trillion ($1.22 billion) and net profit of VND4.84 trillion ($186.39 million) for 2025, meaning it achieved about 82% of its revenue goal and roughly 95% of its profit target.

In Q4, net revenue declined 23% year-on-year to VND6.84 trillion ($263.53 million) while net profit rose 13% to VND1.12 trillion ($43.14 million).

During the quarter, cost of goods sold fell 34%, lifting gross profit 4% to VND2.59 trillion ($100 million) and partly offsetting weaker sales volumes.

Financial income slipped 4% to VND256.7 billion ($9.9 million) in Q4, mainly due to lower interest income from bank deposits.

The ThaiBev-controlled brewer attributed the full-year revenue decline to weaker consumption amid intensifying competition ahead of the Lunar New Year holiday (Tet), disruptions caused by severe flooding from multiple typhoons, and differences in the timing of the Tet holiday. Tet in 2025 fell in late January, compared with mid-February in 2026, distorting year-on-year comparisons.

Earnings were also affected by the acquisition of a 65% stake in Saigon Binh Tay Beer JSC (Sabibeco), making the local brewer a subsidiary.

As of the end of 2025, Sabeco’s total assets stood at VND32.6 trillion ($1.26 billion), down 2.5% from the beginning of the year. The brewer maintained a sizeable liquidity buffer, with VND4.02 trillion ($154.82 million) in cash and cash equivalents and nearly VND14.99 trillion ($588.87 million) in short-term financial investments. Long-term deposits rose by more than VND600 billion ($23.13 million) to VND1.97 trillion ($76.06 million).

Total liabilities increased to nearly VND9.6 trillion ($370.09 million), up around VND600 billion, including more than VND1.6 trillion ($61.68 million) in taxes payable, over VND2.4 trillion ($92.52 million) in short-term paybless to suppliers, and more than VND2.6 trillion in dividends payable.

SAB shares ended at VND49,900 ($1.92) each on Friday.