Champion Breweries ends year with a loss

Champion Breweries Plc on Thursday reported a net loss of N264m for the full year 2018.

The Akwa Ibom-based brewer said that its business experienced flat sales growth amid rising costs. Total sales declined tepidly by 0.28% to N4.8bn amid a jump of 143% in administrative expenses to N962m.

A similarly 27% spike in Selling & Distribution expenses to N529m from N417m in the previous year also added to the brewer’s woes, leading to an operating loss of N224m.

Champion Breweries is majorly controlled by Raysun Nigeria Limited (60.4%), which in turn is owned by Heineken N.V.

Leave a Reply

Your email address will not be published. Required fields are marked *