Champion Breweries records 57% profit growth in nine months

Champion Breweries Plc said on Tuesday that net profit for the nine months to the end of September grew 57% to ₦152m ($419,000), up from ₦97m ($267,000) in 2016.

The Akwa Ibom-based brewer said that profit growth was helped by a 25% sales lift which reached ₦3.3bn ($9 million) from ₦2.7bn ($7.4 million) in the previous year. Cost of sales grew marginally at 13.5% to ₦2.5bn ($6.9 million), helping boost Gross profit 58% and Operating Profit 73% to ₦171m ($471,000).

Champion Breweries brews Champion Lager and Champ Malt which are marketed in Akwa Ibom and environs. The firm is an indirect subsidiary of Heineken N.V.

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