ThaiBev to bag $54 mln from Sabeco’s upcoming dividend payout

Vietnam Beverage, wholly owned by Thai Beverage (ThaiBev) will rake in VND1,374 billion ($54.26 million) worth of dividend from Ho Chi Minh City-based top brewer Sabeco.

Sabeco, which stands for Saigon Beer-Alcohol-Beverage Corporation (HoSE: SAB), plans to pay an interim dividend of VND2,000 (8 U.S. cents) a share for 2024 on the record as of December 27, 2024, the brewer said in a statement on Thursday.

Payment will be made on January 23, 2025.

Vietnam Beverage now owns 687.3 million SAB shares, or a 53.59% stake, according to exchange data. With a 36% stake in Sabeco, State Capital Investment Corporation (SCIC) will collect VND923 billion ($36.44 million).

Shareholders earlier this year approved a plan to pay a cash dividend of 35% or VND3,500 (14 U.S. cents) a share for 2024.

Sabeco paid an annual dividend of at least VND3,500 during 2017-2023, including VND5,000 in 2018 and 2022.

Before the upcoming payout, Vietnam Beverage has earned a combined VND10.6 trillion ($418.4 million at the current rate) worth of dividends from Sabeco since acquiring the brewer in 2017.

In the first three quarters this year, Sabeco made a consolidated net profit of VND3,365 billion ($132.83 million) on revenue of VND22,940 billion ($906.7 million), up 6.1% and 4.6% year-on-year, respectively.

As of September 30, Sabeco’s total assets value was VND32,234 billion ($1.27 billion), down 5.3% from end-2023. Cash and cash equivalents and short-term financial investment (mainly short-term demand deposits) were VND20,789 billion.

On Thursday, Sabeco started its public tender offer to buy an additional 37.81 million shares, or a 43.2% stake, in local brewer Sabibeco, aiming to raise its direct holding to 59.6%.

According to FPT Securities, after acquiring Sabibeco, Sabeco will raise its annual capacity by 25.4% to 3.01 million liters of beer and become the largest brewer in the country.

SAB shares closed at VND55,300 ($2.18) apiece on Friday, down 15.8% from this year’s peak at VND65,700 set in early July.