Champion Breweries suffers profit decline in Q1 despite sales growth

Champion Breweries Plc, said on Thursday that first quarter revenue (Jan – Mar 2017) grew 27% to N1.1bn, up from N872m in 2016.

Despite the sales growth, the firm which is Heineken controlled said that net profit fell 31% to nearly N40bn due to higher production costs caused by inflation and a weakened naira.

Cost of sales rose 46.2% in the period to N886m, from N606m in the previous year.

Champion Breweries is based in Uyo, Akwa Ibom and produces Champion Lager and Champ Malta. It is majorly owned by Raysun Nigeria Limited, a Heineken controlled firm.

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