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 ($237,500) from N79m ($218,000) 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 ($6.4m) from N1.8bn ($5m) 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.