SABECO SET A GOAL FOR CONTINUED GROWTH IN 2024

Ho Chi Minh City, April 25, 2024, at the 2024 Annual General Meeting of Shareholders (AGM), Saigon Beer - Alcohol - Beverage Corporation (SABECO) reported its business results in 2023, recording a profit after tax of VND 4,255 billion. Based on the context and forecasts of the world and Vietnam economic situation, SABECO continues to set a business growth target in 2024, while promoting effective commercial and production activities in parallel with actions towards sustainable development .

Results 2023

In 2023, the Vietnamese beer market will face many difficulties due to fluctuations in raw material prices due to disruptions in the global supply chain, rising inflation and interest rates, consumers cutting back on spending due to the economic downturn, and the tightening of some related policy tools. According to the General Statistics Office of Vietnam, beer consumption in Vietnam has decreased sharply in the second half of 2023.

According to the 2023 Consolidated Financial Report, SABECO recorded VND 30,461 billion in revenue and VND 4,255 billion in profit, respectively reaching 76% and 74% of the plan set at the 2023 Shareholders' Meeting. Based on the business results, the Board of Directors (BOD) proposed a final dividend rate of 20%, resulting in a full-year dividend rate of 35% for shareholders and was approved.

Mr. Lester Tan, General Director of SABECO shared : “ Although recording a decrease of nearly 23% compared to the results of 2022, the business results of 2023 have affirmed our resilience and competitiveness, along with the ability to generate significant profits for shareholders. The material changes have been was implemented by us to maintain Saigon Beer's position as the leading beer brand in Vietnam."

To achieve that business result, SABECO has focused on promoting three areas including: Commercial Excellence, Supply Chain Efficiency and ESG (Environment - Society - Governance) initiatives:

Growth focus in 2024

Faced with great opportunities such as the golden population structure, rapidly increasing income, resilience as well as considering the tightening of policy tools, as well as forecasts about the world economy in 2024, SABECO sets a target of net revenue of VND 34,397 billion, profit of VND 4,580 billion, respectively increasing by 13% and 8% compared to 2023. The three key areas including: Optimizing commercial activities, Supply chain efficiency and ESG continue to be the pillars to help the company achieve its expected goals.

Mr. Koh Poh Tiong, Chairman of the AGM and member of the Board of Directors: “ This year, SABECO's Board of Directors has established the Sustainability and Risk Management Committee (SRMC) to support the Board of Directors in effectively implementing ESG initiatives and goals, under the risk advice of the Board of Directors and the Audit Committee, ensuring the interests of investors and shareholders". "We look forward to continuing to receive the support of shareholders so that we can conquer new heights together" , he emphasized.

About SABECO

After 148 years of establishment and development in the beverage manufacturing industry, Saigon Beer - Alcohol - Beverage Corporation - SABECO has established its position as one of the leading corporations in Vietnam.

SABECO's nationwide system includes 26 factories, 11 member trading companies and a network of hundreds of thousands of points of sale across the country. SABECO is proud to offer a portfolio of beer brands loved by Vietnamese consumers such as Lac Viet Beer, Saigon Chill Beer, 333 Beer, Saigon Special Beer, Saigon Export Beer, Saigon Lager Beer and Saigon Gold Beer.

Our iconic brands, Bia Saigon and Bia 333, have always had quality standards certified by prestigious organizations at home and abroad. Bia Saigon has been voted as a National Brand for many years. Most recently, the 2022 Asian Beer Championship, the 2019 International Beer Awards (IBA) Gold Medal, the 2019 International Beer Cup Gold, Silver, Bronze Medals (IBC), the 2020 Australian International Beer Awards (AIBA) Gold and Silver Medals (Monde Selection 2021).

With a commitment to investing in business development in tandem with sustainable development, SABECO always strives to create positive changes to enhance the position of Vietnamese brands, while promoting positive development for the community and Vietnam. Accordingly, SABECO's sustainable development model focuses on 4 goals: Consumption - Conservation - Country - Culture.

For more information about SABECO, please visit: www.sabeco.com.vn

Press information, please contact:

Ms. Dinh Nguyen Thi Huong – SABECO Communications Director at [email protected]

Source: http://www.sabeco.com.vn/truyen-thong/tin-tuc-su-kien/sabeco-dat-muc-tieu-tiep-tuc-tang-truong-nam-2024