Champion Breweries Reports 57% Profit Growth

Champion Breweries Plc on Monday reported revenue growth of 46% for the nine months to the end of September. Sales grew to N4.8bn from N3.3bn in the same period in the previous year.

Gross profit was up 57% to N1.08bn. The company’s revenue was driven by increased selling and distribution cost, which rose by 37% to N864m, and by 66% in the third quarter alone.

Operating profit jumped by 158% to N407m. The company also benefitted from a 100% decrease in net finance cost.

Net profit grew to N284m, a 137% increase.

Champion Breweries is based in Uyo, Akwa Ibom State and is an indirect subsidiary of Heineken NV. The company produces Champion Lager beer and Champ Malta drink and also does contract manufacturing for Nigerian Breweries Plc, a Heineken controlled company.

October 29, 2019