State-owned Satra’s H1 profit jumps 5-fold on $107 mln Heineken Vietnam dividend

Saigon Trading Group (Satra), a state-owned firm based in Ho Chi Minh City, posted a sharp jump in H1 earnings this year, boosted by a hefty dividend payout from Dutch brewer Heineken.

According to its H1 financial report, Satra received VND2.8 trillion ($106.6 million) in dividends from Heineken, including VND2 trillion ($76.15 million) from Heineken Vietnam Brewery Ltd. and VND800 billion ($30.46 million) from Heineken Vietnam Beer and Beverage Ltd.

Satra holds 40% stakes at both the joint ventures and Heineken Asia Pacific owns the remaining 60%.

The dividend windfall lifted Satra’s financial income to VND2.98 trillion ($113.34 million) in H1, sending net profit from business operations soaring more than fivefold to VND2.29 trillion ($87 million). Overall, net profit jumped 4.8 times from a year earlier to VND2.33 trillion ($88.56 million).

For 2025, Satra targets revenue of VND10.69 trillion ($407 million) and a net profit of VND2.65 trillion ($101 million).

Heineken has been ramping up investment in Vietnam, committing $500 million over the next decade on top of the $1 billion it has already invested, its CEO said in 2022.

A major project includes expanding its Vung Tau brewery plant in HCMC by 500 million liters to 1.6 billion liters a year. The VND12.59 trillion ($540 million) expansion, licensed in June 2023, builds on earlier upgrades that made the facility the largest brewery in Southeast Asia by 2022.