Sai Gon Beer, Alcohol and Beverage Corporation (Sabeco) announced its net profit in the first quarter of 2017 rose 18.8 per cent year-on-year to VND1.12 trillion (US$49.78 million).

Sabeco also reported its total revenue increased by 4.9 per cent yearly to VND7.48 trillion, with pre-tax profit up 18.2 per cent to VND1.45 trillion.

By the end of March 31, Sabeco’s total assets reached value of VND18.75 trillion, a decline of 2.3 per cent from the beginning of this year with the biggest proportion bank deposits, which reached value of VND6.64 trillion.

Sabeco said in the quarterly financial report released last week that revenue increased sharply because selling prices rose in the first quarter, making the percentage of total selling cost in the company’s revenue decrease significantly.

In the first quarter, Sabeco sold its entire 0.46 per cent stake in the Viet Nam Export Import Commercial Joint Stock Bank (Eximbank), which was recorded at VND36.6 billion on January 1.

The divestment helped increased Sabeco’s financial income by 1.5 times to VND145 billion.

Sabeco remained the shareholder of nine other companies, including some financial and banking institutions that are the Orient Commercial Joint Stock Bank (OCB), DongA Bank, PVI Southern Insurance Company and Sabeco Packaging Joint Stock Company.

Among those companies, the biggest investments are in the OCB and DongA Bank with initial values of VND216 billion and VND136 billion, respectively.

Sabeco is listed on the HCM Stock Exchange under code SAB. The company’s shares ended Wednesday at VND199,900 per share.

New director arranged

Minister of Industry and Trade Tran Tuan Anh has approved Nguyen Thanh Nam becoming the General Director of Sabeco, representing the ministry in managing the use of the State capital in the brewer.

Nam is now the deputy general director of Sabeco and also a member of the company’s management board. He was elected to his current position during Sabeco’s extraordinary shareholder meeting held in February.

Nam will take the responsibility from Le Hong Xanh, another deputy general director that has been the acting general director at Sabeco since August 2016 and managed the company’s board of directors.

After the decision comes into effect in May, Xanh will remain as a deputy general director at Sabeco and will retire in July. — VNS