Saigon – Alcohol – Beverage Joint Stock Corporation (Sabeco, code SAB, HoSE) has just adjusted the document of the General Meeting of Shareholders, scheduled to be held on June 30.
Decree 100 and the Covid-19 translation affected Sabeco’s business
According to the latest document, Sabeco Board will submit to the General Meeting of Shareholders a net revenue target of VND 23,800 billion in 2020, down 37% compared to the year 2019.
The target profit after tax is VND 3,258 billion, down 39% compared to 2019.
Sabeco said that in the year 2020, the Company will face a number of difficult challenges from the implementation of Decree 100/2019 / ND-CP (related to penalties for drinking and drinking) and the outbreak of Covid disease. -19.
In this context, one of Sabeco’s solutions is to maintain the market in urban areas and expand rural coverage and boost exports.
In addition, the company will also build a solar-powered system to improve electricity supply in a cost-effective and efficient manner.
In corporate governance, Sabeco said it will apply corporate governance principles in the best practices to increase efficiency.
The Sabeco Board of Directors also plans to submit to the General Meeting of Shareholders internal transactions of Sabeco.
Accordingly, transactions include / but are not limited to transactions between Sabeco and Saigon Beer Trading One Member Limited Company (Satraco), Sabeco Mechanical One Member Limited Liability Company (Mesab), trading companies. Saigon Beer in the region, co-production units, and other associated companies in the Sabeco system.
Sabeco currently has a charter capital of VND 6,412.8 billion, owner’s equity of VND 18,486.7 billion, and total assets of VND 24,186.6 billion.
In the first quarter of 2020, Sabeco achieved a net revenue of 4,908.8 billion dong (the same period was 9,336.8 billion dong), a profit after tax of the first quarter of 2020 was 718 billion dong (the same period was 1,290 billion dong).
Net cash flow from operating activities of Sabeco in the first quarter of 2020 was negative than VND 1,097 billion, while the same period was VND 378 billion.
In the asset structure, inventory accounted for the largest proportion of short-term assets with VND 2,256.9 billion.
Short-term receivables as at 31/3/2020 were 642.6 billion VND, provisions for short-term doubtful receivables were 345.4 billion VND.
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