Sabeco reports gains, urges additional divestment
A worker inspects glass bottles inside Sabeco’s glass manufacturing factory in Bà Rịa-Vũng Tàu Province. — VNA/VNS Photo Hoàng Anh Tuấn
HÀ NỘI — The Saigon Alcohol Beer and Beverages Corporation (Sabeco) reported good profit for 二0 一 六 and requested the Ministry of Industry and Trade (MoIT) to hasten its equitisation this year, said Sabeco’s chairman Võ Thanh Hà at the company’s 二0 一 七 annual general meeting held yesterday.
Sabeco’s total accumulated profit in 二0 一 六 was VNĐ 三 一. 七 五 trillion (US$ 一. 四 二 billion), exceeding its set goal by 一 一 per cent, while pre-tax earning was VNĐ 五. 七 trillion ($ 二 五 五. 三 million), surpassing the company’s 二0 一 六 goal by 二 八 per cent.
This marks 二0 一 六 as one of Sabeco’s most profitable years, with record earnings since its establishment, as stated in its 二0 一 六 financial report published at the meeting.
As such, the company now resorts to a dividend policy of paying 三0 per cent income to shareholders, while using the rest as a means of investment and sustainable development.
In December 二0 一 六, Sabeco became officially listed on the Hồ Chí Minh Stock Exchange with 六 四 一. 二 八 million shares under the stock code SAB and an initial referential price of VNĐ 一 一0,000 ($ 四. 九 二) per share.
At present, the company’s shares are among the most valued, increasing significantly to VNĐ 二0 七,000 ($ 九. 二 七) as of yesterday. The MoIT currently holds 五 四 七. 五 million Sabeco shares, equal to 八 九. 五 九 per cent of the company’s total charter capital.
In August 二0 一 六, the MoIT announced a two-stage, two-year divestment plan for Sabeco, but due to lack of time, the first phase in 二0 一 六 did not take place.
According to its current market price, total divestiture value will equal VNĐ 一 一 三. 三 trillion ($ 五.0 七 billion), much higher than the MoIT’s initial estimation.
The company’s strategy to continue listing its publicly traded shares while divesting from State ownership is considered an important drive for change and development.
The report also mentioned Sabeco’s business plans for 二0 一 七, with 一, 七0 三 litre of beer expected to be sold, up 三. 四 per cent compared to last year; while total accumulated profit is forecast at VNĐ 三 四. 四 七 trillion (S 一. 五 四 billion) with post-tax income of VNĐ 四. 七 trillion ($ 二 一0. 五 million), and an expected dividend share of 三 五 per cent.
According to Lê Hồng Xanh, a Sabeco board member, the 二0 一 七 business plan is suitable for a market edging toward high-end products, while the company is under pressure from a special consumption tax increase of five per cent and a zero per cent tariff level for imported products with many free trade agreements coming into effect.
Currently, the Philippines’ San Miguel Corp is reportedly evaluating and considering a purchase of Sabeco’s shares, together with other international beer companies over the world including Dutch Heineken, Anheuser-Busch, US SABMiller, Japanese Asahi and Kirin and Thai Singha. — VNS
