Shareholders of Champion Breweries, the Akwa Ibom based brewer have something to smile about as the company’s released unaudited financial results for the 9-months ending 30 September, 2015 show a 104.66 percent rise in pretax profit to N62,590m. In the same period in 2014, the company recorded a N1.344bn loss. Net profit also rose by 103.26 percent to N43,810m for the period under review.

Champion’s revenue for 9-months ending 30 September 2015 rose 3.94 percent to N2.27bn, from N2.18bn in the preceding year.

In addition, the company’s cost of sales and distribution/administrative expenses was lower by 8.33 percent and 18.44 percent respectively to N1.73bn and N527m.

Champion other income declined by 63.06 percent to N26m, from N70m in 2014.

The company’s earnings per share remained positive at N0.56 as against a negative (N149.38) in the preceding year.

Champion Breweries is owned by Raysun Nigeria Limited, a wholly owned subsidiary of Heineken NV. Heineken also owns Nigerian Breweries Plc.