Despite tightening regulations on alcohol consumption affecting industry revenues, Ha Long Beer and Beverage JSC (ticker: HLB) has reported robust earnings and an exceptionally high share price - outperforming even major industry players like Sabeco and Habeco.

According to its audited consolidated financial statement for 2024, Ha Long Beer recorded VND 1.572 trillion (approx. USD 63.5 million) in revenue from sales and services, up 7% from 2023.

The company posted pre-tax profit of VND 168 billion (USD 6.8 million), and after-tax profit of VND 134.8 billion (USD 5.44 million), of which VND 134.6 billion belonged to the parent company. Its basic earnings per share (EPS) reached VND 43,585 (USD 1.76) - one of the highest on the Vietnamese stock market.

Ha Long Beer and Beverage JSC has a charter capital of VND 30.9 billion (USD 1.25 million). Established in 1989 as Quang Ninh Confectionery Enterprise, it was renamed Quang Ninh Beer and Beverage Factory that same year. In 1996, it became Ha Long Beer and Beverage Company, and was officially converted to a joint stock company in 2003.

In 2017, its shares (ticker: HLB) were listed on the UPCoM exchange at VND 24,000 per share (USD 0.97).

The company’s shareholders are primarily divided between the family of Mr. Doan Van Quang, former Chairman of the Board, and Japanese institutional investor Aseed Holdings Co., Ltd, which owns 30.42% of total shares.

As of the April 1 trading session, HLB’s stock price stood at VND 330,000 (USD 13.3) per share, making it the most expensive beer stock in Vietnam.

Though its market capitalization remains modest, at around VND 1 trillion (USD 40 million) due to its limited float of just over 3 million shares, HLB continues to outperform in both profitability and share value.

HLB is also notable for its generous dividend payouts. In 2023, the company paid a 90% cash dividend. In 2022, it paid 150%, and in 2021, 100%, all in cash - well above industry averages.

In comparison, Habeco (BHN) reported VND 8.219 trillion (USD 332 million) in net revenue for 2024, up 6% from the previous year. Its after-tax profit reached VND 402.8 billion (USD 16.2 million), a 13.6% increase. As of April 1, BHN shares were trading at VND 37,800 (USD 1.52).

Meanwhile, Sabeco (SAB) posted VND 31.87 trillion (USD 1.28 billion) in net revenue for 2024, a 5% increase. Its after-tax profit hit VND 4.494 trillion (USD 181 million), up 6% year-on-year. SAB shares were priced at VND 48,950 (USD 1.97) as of April 1.

While Sabeco and Habeco lead in revenue and scale, Ha Long Beer has quietly built a reputation for profitability, shareholder returns, and share price performance that far outpace its size.

Duy Anh