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.
The International Monetary Fund (IMF) has said that the recently implemented excise duty rates for alcoholic beverages and tobacco products by the Federal Government of Nigeria were too low and instead should be higher to act as “a fail-proof revenue raising strategy.”
The World body is recommending a 100% increase in excise duty be slapped on the affected products to conform to global norms.
U.S.-based Food and Beverage firm Krispy Kreme has opened its first store in Nigeria at the Ikeja City Mall in Lagos, in what marks as the start of an expansion plan across the country.
The company said it has signed a development agreement with Quality Foods Africa (QFA) to open 20 Krispy Kreme stores across the country in the next five years.
