Saigon Beer brewer Sabeco saw revenue jump 33% from 2021 to VND35.24 trillion ($1.5 billion) last year as consumption bounced back after two years of Covid-19.
The brewer’s post-tax profit surged nearly 40% to VND5.5 trillion, the highest level since it was sold to ThaiBev in 2017.
“The company has improved its production efficiency and implemented cost-saving measures to minimize the impact of higher input costs,” Sabeco said in a statement. “Many promotion and marketing campaigns also helped boost sales.”
Before the pandemic, the company spent VND3 trillion on promotion and marketing last year, double that of 2019.
Sabeco’s revenue last year was 8% shy of the 2019 level. However, its revenue quadrupled that of its major competitior in Vietnam, Habeco, which recorded a revenue of VND8.5 trillion.
Thapana Sirivadhanabhakdi, CEO of ThaiBev, said last year that Sabeco was its “crown jewel” and rejected rumors that the Thai company would sell the brewer.
Valued at $26 billion, Vietnam is the biggest beer market in Southeast Asia, and No. 3 in Asia behind China and Japan, according to 2021 figures.