The Saigon Beer-Alcohol-Beverage Corporation (SABECO) has reported an impressive 40 per cent increase in after-tax profit for 2022, reaching a record high of VND5.5 trillion.

In its financial report, the brewer saw revenue jump 33 per cent from 2021 to VND35.24 trillion (US$1.5 billion) last year as consumption bounced back after two years of COVID-19.

In 2022, the company spent more than VND3 trillion on marketing and promotion activities, increasing VND870 billion compared to 2021 and double that of 2019.

SABECO said the results were because they have implemented many sale support programmes and marketing activities to promote beer sales. In addition, they have also improved production effectiveness and cost-saving measures to reduce the impacts of increasing input costs.

Earlier, SABECO set targets of VND34.8 trillion in revenue and VND4.6 trillion after-tax profit in 2022; with the results, they surpassed all set targets.

As of December 31, 2022, SABECO’s total assets reached VND34.4 trillion, increasing 13 per cent from the beginning of last year.

In 2017, ThaiBev bought 54 per cent of shares at SABECO for a total amount of $4.8 billion

With a value of $26 billion, Viet Nam is the biggest beer market in Southeast Asia and the third in Asia behind China and Japan, according to 2021 figures. — VNS