Brewer Sabeco sees profit plummet amid lockdown

By Dat Nguyen October 28, 2021 | 09:16 pm PT

Vietnam’s largest brewer, Sabeco, said post-tax profits plunged 68 percent year-on-year in the third quarter to VND471 billion ($20.7 million) due to Covid-19 restrictions.

The fourth wave of the pandemic had caused lockdowns and social distancing in HCMC and southern provinces, which affected its business badly, Sabeco said in its financial earnings report.

Profits for the first nine months fell 25.7 percent to VND2.53 trillion as sales dropped by 13.6 percent to VND17.37 trillion.

The company, owned by Thai beverage giant ThaiBev, targets revenues of VND33.49 trillion and profits of 5.29 trillion this year, up 20 percent and 7 percent from 2020.