Saigon Beer - Alcohol - Beverage Corporation (Sabeco) released these cumulative revenue figures in its Q4 2025 financial report. The company's total revenue last year fell by approximately 18% compared to the same period, reaching its lowest point in one decade. This figure is even lower than in 2021, a period when the beer industry was heavily impacted by covid-19 lockdowns and social distancing measures.

Nearly 93% of Sabeco's revenue comes from beer sales, with only a small portion derived from beverages, alcohol, and raw materials.

Sabeco has not yet provided a full-year consolidated business explanation. However, for Q4 2025, management stated that sales volume was affected by increased competitive pressure leading up to the Lunar New Year (Tet), compounded by Tet arriving half a month later than usual. Beer sales were also impacted by floods and complex storm developments. Additionally, the consolidation of Binh Tay Beer Group, following its acquisition earlier in the year, also influenced the business results.

Bia Saigon is one of Sabeco's brands. The company's product portfolio also includes Bia Lac Viet, 333, and others.

Despite the decline in sales, many of Sabeco's other financial indicators showed strong growth. The gross profit margin last year was approximately 36%, meaning that for every 100 dong earned, 36 dong was profit after deducting the cost of goods sold. This figure surged from 29% in the previous year, thanks to reduced malt rice prices and improved efficiency in raw material utilization.

After all expenses, Sabeco reported an after-tax profit increase of nearly 2% to 4,573 billion dong, its highest in three years. Bank deposit interest income of 995 billion dong, coupled with 137 billion dong in profit generated from the business consolidation of Binh Tay Beer, contributed to the company's profit growth.

Last year, Sabeco planned for a net revenue of 31,641 billion dong and an after-tax profit of 4,835 billion dong. In reality, the company only achieved 82% of its revenue target and nearly 95% of its profit target.

According to analysts from Vietcap Securities Company, Sabeco's beer consumption this year is projected to increase by 5% compared to the same period. This growth is attributed to the later arrival of Tet, which shifts sales volume to Q1. Furthermore, disruptions in traditional channels are expected to diminish as the company replaces closed sales points and traditional distributors adapt to new tax regulations.

Vietcap forecasts Sabeco's net revenue this year to reach 29,488 billion dong and its after-tax profit to be 4,641 billion dong. The analyst team also expects the gross profit margin for the beer segment to remain stable, at approximately 37,5%, despite short-term pressure from rising aluminum prices. "Sabeco has hedged against aluminum price risks for a portion of 2026, combined with a strong negotiating position with aluminum can suppliers and sustained production optimization measures," Vietcap analysts wrote.

On the stock market, Sabeco shares trade around 48,500 dong. Several analyst groups, including SSI, DSC, and VNDirect, believe the stock has further upside potential, reaching 53,000-60,000 dong.

Phuong Dong