Champion Breweries Plc, on Monday reported a 2.4% drop in profit for the 2017 full year through December. Profit fell to ₦518m from ₦530m in 2016.

The decline in profit was blamed on a spike in administrative expenses which grew by 157% to N412m. Selling & Distribution expenses also increased by 30% to ₦417m from ₦322m in the previous year.

Despite the profit decline, the company reported a 24% growth in revenue to ₦4.8bn. In the same period in 2016, the firm recorded net revenue of ₦3.9bn.

Champion Breweries is based in Uyo, Akwa Ibom State and is known for its Champion Lager and Champ malt drinks which are marketed in Akwa Ibom and its environs. The firm is an indirect subsidiary of Heineken NV.