Thousands of billions deposited in banks, Sabeco (SAB) still intends to sell shares to increase capital

Sabeco plans to spend 962 billion VND to pay dividends, equivalent to a payout ratio of 15%.

Saigon Beer - Alcohol - Beverage Corporation - Sabeco (Code SAB) has recently announced that the final registration date to receive additional cash dividends for 2022 is June 12, 2023. The dividend payment date will be July 7, 2023.

Specifically, in this additional dividend payment plan, Sabeco will pay dividends at a rate of 15%, corresponding to each shareholder owning 1 share will receive 1,500 VND in cash dividends.

Currently, Sabeco has 641.3 million shares in circulation on the market, equivalent to the amount that Sabeco needs to spend this time is 962 billion VND. Sabeco's shareholder structure is currently dominated by a foreign investor from Thailand, Vietnam Beverage Company Limited.

This is a member company of Thai Beverage Group of Thai billionaire Charlene Sirivadhanabhakdi. This unit is holding 343.6 million shares, equivalent to 53.59% of Sabeco's charter capital. Thus, in this dividend payment, Thai investors will receive about 515 billion VND.

First quarter revenue dropped 15%, after-tax profit dropped 18%, still behind the set plan

Regarding the business situation in the first quarter, Sabeco recorded a significant decrease in net revenue compared to the previous quarter of 2022. This is also understandable when sales of soft drinks, beer and alcohol often tend to decline in the first months of the year.

However, net revenue in the first quarter only reached about 6,214 billion VND, down about 15% compared to the same period last year. Gross profit was only recorded at 1,915 billion VND, gross profit margin reached about 31%.

Notably, financial revenue increased relatively strongly in that period, up to 358 billion VND, equivalent to an increase of 56%. Financial expenses increased by 21 billion VND, but compared to financial revenue, this increase was not significant. Sales expenses and administrative expenses were 861 billion VND and 182 billion VND, respectively, both of which increased compared to the same period last year.

With the increase in all types of expenses while revenue and gross profit both decreased, Sabeco only recorded after-tax profit at VND1,004 billion, down about 18% compared to the same period last year.

Compared with the plan set for 2023 with revenue of VND 40,272 billion and profit of VND 5,775 billion, the company has only completed 15% of the revenue plan and 17% of the annual profit plan.

Thus, it can be seen that Sabeco is behind the business plan set out at the beginning of the year.

Sabeco deposited tens of thousands of billions in the bank, still decided to issue more shares to increase capital.

Regarding Sabeco's asset structure, it can be seen that in the first quarter of 2023, the company recorded total assets at VND 31,480 billion, down about 9% compared to the beginning of the year. Most of which are short-term assets, accounting for about VND 24,036 billion.

If you look at Sabeco's consolidated balance sheet, you can see that the company's financial potential is huge, with nearly VND3,000 billion in cash and cash equivalents. In addition, the company also has VND17,367 billion in deposits at the bank. Thus, the total amount of money that Sabeco is holding is more than VND20,000 billion.

Sabeco (SAB) has thousands of billions of dong in deposits in the bank, still planning to issue shares to shareholders to increase capital (Photo TL)

With such strong financial potential, in the recent General Meeting of Shareholders, SAB still decided to approve the plan to issue nearly 641.3 million shares to existing shareholders to double the charter capital. This issuance plan will have an issuance ratio of 1:1 and will be implemented in 2023 immediately after being approved by the State Securities Commission.

Source: https://www.congluan.vn/mang-hang-nghin-ty-gui-ngan-hang-sabeco-van-dinh-phat-hanh-co-phieu-ban-cho-co-dong-de-tang-von-post247260.html