Daily Archives: July 30, 2017

Champion Breweries returns to growth with 9% profit rise in half-year

Champion Breweries Plc, the Akwa Ibom-based brewer reported a 9% growth in net profit for the six months ended 30th June. The company’s net earnings rose to N86m from N79m in the previous year. In the three months to the end of June, profit soared 114% to 47m, from N22m.

The profit rise came on the back of a 25% surge in sales in the six months to end of June as sales reached N2.3bn from N1.8bn in 2016. At the same time, cost of sales grew 33% reflecting higher input costs and inflation. However, the firm kept a lid on expenses as selling and administrative expenses stayed nearly the same from the previous year.