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Sabeco, the Saigon Beer-Alcohol-Beverages Joint Stock Company (SAB) reported Q1 2026 results with net revenue of over 6,457 billion VND and net profit after tax of 1,245 billion, up 11% and 56% year-on-year. Gross profit reached 2,405 billion, up 28% year-on-year, corresponding to a gross margin above 37% (vs over 32% in Q1 2025). During the period, financial costs fell 85% to 14 billion. Selling expenses rose 13% to 900 billion (advertising and promotions accounted for nearly half, about 447 billion). Administrative expenses declined 4% to 236 billion. After deducting expenses, pretax profit was 1,548 billion and net profit after tax 1,245 billion, up 51% and 56% YoY. The growth in revenue and profit is attributed to higher sales volume due to Tet timing differences (Tet 2025 at the end of January while Tet 2026 in mid-February) and the impact of the price-discount policy effective from July 2025. Gross and net margins improved thanks to higher revenue, favorable malt costs, lower administrative and financial costs, and improved financial income amid higher selling costs. In 2026, Sabeco targets net revenue of 28,959 billion and net profit after tax of 4,937 billion; by the end of Q1, it had achieved about 22% of the revenue target and 25% of the net profit target. As of March 31, 2026, total assets stood at 30,874 billion, down 5% year-on-year. Cash and cash equivalents (including deposits) totaled about 19,816 billion, down more than 7% YoY and representing 64% of assets. The large cash deposits helped Sabeco earn 260 billion in cash interest in Q1. Ending Q1, inventories remained around 2,000 billion; fixed assets declined slightly to 4,954 billion; trade and other receivables stood at 496 billion, also down. On the equity and liabilities side, Sabeco’s equity at 31 March 2026 was 24,199 billion; contributed equity 12,825 billion; retained earnings 8,192 billion. At the annual general meeting on 23 April, Sabeco shareholders approved a 2025 cash dividend of 50%. In late November 2025, the company advanced 20% (2,000 VND per share), totaling more than 2,560 billion. For the remaining 2025 cash dividend at 30% (3,000 VND per share), Sabeco announced the record date of 29 July 2026 with payment expected on 28 August 2026. The payment source will come from undistributed profits. With more than 1.28 billion shares outstanding, Sabeco is expected to pay about 3,840 billion in this dividend tranche. The largest shareholder Vietnam Beverage Co., Ltd owns 53.59% and could receive around 2,058 billion; SCIC holds 36% and could receive around 1,382 billion. In 2026, Sabeco plans to maintain a 50% cash dividend payout. On 28 April trading day, the stock rose over 3% to 48,500 VND per share, implying a market capitalization of more than 62.2 trillion VND.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
