Champion Breweries Plc reported strong profit growth for the full year 2019. The company’s profit rose to N169m from a loss of -N264m in the previous year, driven by a 45% rise in revenue.

Gross profit jumped by 62% to N1.92bn reflecting the strong revenue growth.

Selling and distribution expenses surged by 47% to N778m, helping boost revenue and profit.

Champion Breweries produces its namesake beer, Champion lager and Champ Malta. The brewer also acts as a contract manufacturer for Nigerian Breweries Plc, the country’s largest brewer and a Heineken controlled company. Champion Breweries is majorly controlled by Raysun Nigeria Limited, a subsidiary of Heineken NV.

The brewing company recently announced the appointment of Mr Georgios Polymenakos as its new Managing Director. Mr Polymenakos comes from Nigerian Bottling Company Limited (NBC), bottlers of Coca-Cola products in Nigeria, where he was the Managing Director since 2015.