Vietnam-based top brewer Sabeco posts 13% drop in H1 net profit due to higher costs, fierce competion

Ho Chi Minh City-headquartered Sabeco, controlled by Thai Beverage, reported VND2.05 trillion ($78.41 million) in net profit in the first half of this year, down 12.5% year-on-year, according to its earnings statement.

During H1, Sabeco (HoSE: SAB) recorded nearly VND12.62 trillion ($482.69 million) in revenue from sales and services, down 17% year-on-year

As of end-June, the company had fulfilled 40% of its full-year revenue target and 42% of its profit goal.

In Q2, the brewer posted VND6.8 trillion ($260.24 million) in revenue from sales and services, down 16% year-on-year.

Due to expense increases, its Q2 net profit fell 3.3% year-on-year to nearly VND1.21 trillion ($46.28 million).

The company attributed the declines to several factors, including a shift in Tet (Lunar New Year) holiday timing, intensified market competition, and the acquisition of local brewer Sabibeco as a subsidiary last December. The acquisition increased Sabeco’s excise tax obligations, which impacted its margins, it noted.

Additionally, the brewer cited lower deposit interest income and higher financial costs related to the Sabibeco acquisition as contributing factors to the weaker performance.

As of end-Q2 2025, SAB’s total assets stood at nearly VND33.2 trillion ($1.27 billion), slightly down from the start of the year.

On July 1, Sabeco finalized its shareholder list for a 30% cash dividend for 2024 (second tranche), scheduled for payout at the end of July, totaling VND3.9 trillion ($149.17 million).

Sabeco shares closed up 0.2% to VND49,100 ($1.88) each on Friday.