The two giants, Sabeco and Habeco, have just concluded the second quarter of 2025 with contrasting financial results. Their race for profit shows a divergence, with Sabeco falling behind and Habeco striving to improve its business efficiency.
Sabeco Reports Declining Net Profit
Vietnam Beer, Alcohol and Beverage Joint Stock Corporation (Sabeco) recently announced its consolidated financial statements for the second quarter of 2025, indicating a decline in financial performance.
For the second quarter of 2025, Sabeco’s net revenue amounted to over VND 6,804.3 billion, a decrease of 15.9% compared to the same period last year. After deducting the cost of goods sold, gross profit reached nearly VND 2,448.1 billion, a slight increase of VND 7.7 billion.
During this period, Sabeco also recorded more than VND 255.2 billion in financial income, a decrease of 4.2% year-on-year. Conversely, financial expenses increased by 84.1% to over VND 15.1 billion. Selling expenses amounted to over VND 916.4 billion, an increase of VND 14.1 billion, while administrative expenses rose from nearly VND 176.5 billion to almost VND 239.3 billion.
Illustrative image
After accounting for various taxes and fees, the company reported a net profit of nearly VND 1,250.7 billion, a decrease of 5.2% compared to the same period last year.
According to Sabeco’s explanation, the lower net revenue compared to the previous year is consistent with the decline in sales volume and the impact of consolidation from the acquisition of Bia Binh Tay Group (becoming a subsidiary instead of an associate as in 2024).
Additionally, the financial results were affected by decreased interest income and increased financial expenses, as well as higher selling and administrative expenses. These negative factors were partially offset by higher profits from joint ventures and associates.
In the first six months of 2025, Sabeco’s net revenue was nearly VND 12,615.1 billion, a decrease of 17.4% compared to the same period in 2024. Beer sales revenue accounted for VND 11,825 billion, a decrease of 12.1% and constituted 93.7% of total revenue. Revenue from the sale of raw materials reached nearly VND 753.1 billion, a decrease of 56.8%, and contributed 6% to total revenue.
Consequently, profit after tax for the first six months of 2025 amounted to over VND 2,050.3 billion, a decrease of 12.5% compared to the previous year.
For the year 2025, Sabeco has set a business plan with an expected net revenue of VND 31,641 billion, a 1% decrease compared to the actual revenue in 2024. The projected profit after tax is estimated at VND 4,835 billion, representing an increase of 8%.
Thus, at the end of the second quarter, the company has achieved 39.9% of the revenue plan and 42.4% of the profit after tax target.
As of June 30, 2025, Sabeco’s total assets decreased slightly by VND 242.6 billion compared to the beginning of the year, amounting to nearly VND 33,196.8 billion. Bank deposits accounted for more than VND 22,391 billion, constituting 67.5% of total assets.
On the liability side of the balance sheet, total liabilities stood at over VND 10,322.4 billion, an increase of 14.7% from the beginning of the year. Taxes payable to the state amounted to over VND 2,109.4 billion, representing 20.4% of total liabilities, while dividends payable were nearly VND 3,913 billion, constituting 37.9% of total liabilities.
Habeco Maintains Revenue Growth
According to the consolidated financial statements for the second quarter of 2025, Hanoi Beer Alcohol and Beverage Joint Stock Corporation (Habeco) recorded a net revenue of over VND 2,355.7 billion, a slight increase of VND 50 billion compared to the same period last year. Gross profit reached over VND 694.5 billion, an increase of 7.9%.
Additionally, Habeco earned more than VND 54.5 billion in financial income, a rise of 37.6% year-on-year. Financial expenses also increased from VND 2.1 billion to VND 3.6 billion, while selling expenses rose by 19% to nearly VND 404.4 billion. Administrative expenses amounted to VND 162.1 billion, an increase of 25.1%.
As a result, after accounting for various taxes and fees, Habeco reported a net profit of nearly VND 159.6 billion, a decrease of 7.2% compared to the same period last year.
Illustrative image
For the first six months of 2025, Habeco’s net revenue was nearly VND 3,813.8 billion, an increase of 5.5% compared to the same period in 2024. Profit after tax amounted to over VND 180.2 billion, a significant rise of 19.3%.
As of June 30, 2025, the company’s total assets increased from VND 7,259.2 billion to nearly VND 7,714.9 billion. Bank deposits accounted for more than VND 4,823.6 billion, constituting 62.5% of total assets.
As of the end of June 2025, Habeco’s total liabilities stood at over VND 2,622.3 billion, an increase of 31.6% compared to the beginning of the year. Taxes and other amounts payable to the state amounted to over VND 628.1 billion, representing 24% of total liabilities, while other short-term payables accounted for nearly VND 628.3 billion, also constituting 24% of total liabilities.
