Thanh Thanh Cong Bien Hoa JSC (HOSE: SBT) is the market leader in Vietnam’s sugar industry with around a 46% market share. Sugar and sugar by-products are SBT’s largest revenue contributors (94.5%), followed by fertilizer (1.1%), electricity (0.7%) and others (3.7%).

FY21/22 PBT was VND1.0tn — the highest since SBT’s establishment. Despite fierce competition from imported sugar, SBT had a sugar sales volume of more than one million tonnes.

SBT guides for a 19% YoY reduction in FY22/23G PBT to VND850bn. This target is conservative as a result of the current competition in Vietnam’s sugar market, according to SBT.