| SBB’s Business Results for the 2019-9M2025 Period |
Sabibeco has turned the corner after a five-year slump, reporting a return to profitability in 2025. In Q3, the company recorded a net profit of over VND 66 billion, a significant reversal from the nearly VND 10 billion loss in the same period last year. The total profit for the first nine months reached more than VND 108 billion, compared to a loss of VND 76.5 billion in the same period in 2024.
This turnaround followed Saigon Beer – Alcohol – Beverage Corporation (Sabeco, HOSE: SAB) completing the acquisition of an additional 37.8 million shares of SBB in late 2024, increasing its ownership from 21.8% to 65% and gaining control. As of January 3, 2025, Sabibeco has been recognized as a subsidiary of Sabeco.
In Q3/2025, Sabibeco’s revenue surged by 54% year-on-year, reaching nearly VND 745 billion. Revenue from its parent company, Sabeco, accounted for 90%, equivalent to over VND 671 billion. Gross profit margin significantly improved to 11.5%, up from 2.5% in the same period last year.
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For the first nine months of the year, Sabibeco achieved revenue of nearly VND 2,306 billion, a more than 50% increase compared to the same period in 2024. Alongside the revenue recovery, the business results were bolstered by significant cost-cutting measures.
Selling expenses decreased by 42% to under VND 14 billion, while administrative expenses dropped by 64% to approximately VND 39 billion. This cost control helped expand the net profit margin considerably.
Notably, profits from associates also saw a positive shift, moving from a loss of nearly VND 25 billion in the same period last year to a profit of over VND 6 billion. As a result, consolidated profits soared, enabling the company to break free from the prolonged losses since 2020.
On the UPCoM market, SBB shares rose nearly 2% to VND 17,200 per share on November 3, following the release of Q3 business results. Over the past month, the stock price has increased by nearly 8%, although it remains 5% lower year-on-year. Liquidity remains low, averaging over 32,000 shares per session.
| SBB Stock Price Trends Over the Past Year |
Accumulated Losses Narrow, Financial Health Improves
As of September 2025, Sabibeco’s accumulated losses stood at under VND 26 billion, a significant reduction from the over VND 90 billion at the beginning of Q3. Equity increased to more than VND 1,235 billion.
At the same time, the company held nearly VND 258 billion in bank deposits, a 29% decrease from early July, while short-term receivables fell by 23% to under VND 386 billion. Of this, Sabeco accounted for approximately VND 115 billion, or 30%. Inventory rose by 36% to over VND 300 billion, primarily consisting of raw materials and supplies, which made up 45%.
Conversely, short-term payables to suppliers decreased by 47% to over VND 122 billion, with Sabeco representing the largest share at around 65%. Debt and finance leases totaled nearly VND 149 billion, all with Vietcombank Ky Dong Branch, an 18% decrease from the beginning of Q3.
– 14:45 03/11/2025
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The majority of Sabibeco’s revenue growth stems from sales of goods and services to its parent company, Sabeco. In the first nine months of 2025, these sales reached 1.338 trillion VND, accounting for approximately 58% of SBB’s total net revenue.
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Vietnam’s Largest Brewery Profits Surge Despite Lower Sales: Rakes in $115,000 Daily Without Lifting a Finger
With a significant decline in the cost of key raw materials such as malt and rice, coupled with enhanced efficiency in resource utilization, gross profit margins have seen a substantial improvement.
