A local beer company reports record profits, its stock price 'beats' the big guys

Ha Long Beer's stock price is sky-high but shareholder structure is concentrated - Photo: HLB

In the recently released audited financial report, Ha Long Beer and Beverage Joint Stock Company (HLB) recorded net revenue in 2024 reaching VND 1,572 billion, an increase of 7% over the previous year.

The cost of goods sold increased less, and the gross profit of Ha Long Beer improved, reaching VND307.7 billion. Financial expenses in the period also decreased significantly, only VND233 million. Selling expenses were also reduced, while business management expenses increased.

As a result, the beer and beverage business in Ha Long recorded a profit after tax of nearly 135 billion VND, an increase of 21% compared to 2023. This is also the highest profit of this business ever.

The recovery of Ha Long Beer comes right after the period when businesses in the same industry were "in dire straits" due to COVID-19 and the tightening of alcohol concentration control policies.

Notably, the EPS (basic earnings per share) of this local beer company reached VND43,585/share, putting HLB in the top companies with the highest EPS on the stock exchange.

On the stock market, HLB's market price has jumped to VND350,000/share - among the most expensive stocks. In the past month, this stock has increased in price by nearly 16%.

Looking at other companies in the same industry, Sabeco has a basic profit per share of VND3,291, while Habeco only has VND1,599. The market price of Sabeco's SAB code is only VND49,250/unit, while Habeco's BHN is VND37,800.

	Revenue	Profit after tax
Sabeco	32164	4494
Habeco	8301	391
Ha Long Beer	1572	135
Hanoi - Hai Duong Beer	174	6.3

Data: Audited financial statements

However, it should be noted that HLB shares, despite their high market price and growth, are unlikely to be actively traded due to their concentrated shareholder structure.

According to the 2024 management report, Daisuke Komoto - representative of major Japanese shareholder Aseed Holdings Co. LTd - owns 30.42% of capital.

Mr. Doan Truong Giang - General Director - holds 13.6% of capital, equivalent to more than 420,200 shares. Not to mention, the family of Mr. Doan Van Quang - former Chairman of the Board of Directors of HLB - also holds a large number of shares.

Returning to HLB's 2024 financial report, business is booming, and the income of some leaders has also increased significantly. In particular, Mr. Shunjiro Suga - Chairman of the Board of Directors of HLB - received an income of more than 1.27 billion VND, higher than the 546 million VND of the previous year.

Mr. Nguyen Quang Dung - member of the board of directors and chief financial officer - received 1.66 billion VND, a significant increase from the 21 million VND in 2023. He was appointed to the board of directors from September 2023. Meanwhile, Mr. Doan Truong Giang - general director - received an income of 1.88 billion VND, an increase of 12%.

In addition to positive business results, HLB also attracts investors' attention with its attractive cash dividend rate, continuously maintaining a high payout level for many years.

As of 2023, the company will pay cash dividends at a rate of 90%, lower than the 150% rate in 2022 but still among the highest in the market.

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BINH KHANH

Source: https://tuoitre.vn/mot-hang-bia-dia-phuong-bao-lai-dam-ki-luc-gia-co-phieu-an-dut-cac-ong-lon-20250402131521753.htm