Champion Breweries records 110% net profit in 2015 Full year
Champion Breweries Plc has just released its full year 2015 financial results, showing a 110% profit after tax to N77m. In the same period in 2014, the company posted N755m loss.
The huge leap in profits is attributable to a settlement of interests/finance charges of approximately N1bn paid by the company in the same period in 2014 to Ray Sun Nigerian Limited, its parent company for a rights issue of N11.6bn. There was no finance charge paid in 2015 fiscal year.
Champion Breweries’ revenue rose 6.06% in the period under review to N3.5bn, from N3.3bn in 2014.
Cost of sales for the company shrank 6.02% to N2.5bn, from N2.66bn, leading to a 56% rise in gross profit margin to N999m, from N640m.
Champion Breweries is majorly owned by Raysun Nigeria Limited, which is a wholly owned subsidiary of Heineken NV. Heineken also owns Nigerian Breweries Plc.