Champion Breweries Plc, maker of the popular Champion beer recorded more profit in 2016 despite the economic harshness.
In its financial reports, the company recorded NGN1.0 billion gross profit for fourth quarter 2016 compared to NGN999.6 million recorded same period 2015 with an operating profit of NGN617.6 million in contrast to NGN206.7 million recorded same period 2016.
Champion breweries recorded NGN637.3 million as profit before tax for the year in review compared to NGN210.1 million recorded in 2015.
Consequently, the profit for the year rose by 587% to NGN530.3 million compared to NGN77.1 million recorded in the financial year 2015.
Meanwhile its total assets for the year in review reduced to NGN9.9 billion compared to NGN10.3 billion recorded in the fiscal year 2015. The total liabilities recorded for the year is NGN2.2 billion compared to NGN3.2 billion recorded the same period 2015.
Champion Breweries ended the year with revenue of NGN3.8 billion compared to NNG3.5 billion it ended the year 2015 with. Its cost of sales for the year was NGN2.7 billion in contrast to NGN2.5 billion recorded in 2015.
Champion Breweries Plc was incorporated as a Private Limited Liability Company on the 31st of July, 1974 with the same South-East Breweries Limited. The Company’s name was changed from South East Breweries Limited to Cross River Breweries Limited and thereafter to Champion Breweries Limited. The latter name, Champion Breweries Limited was changed to Champion Breweries Plc on the 1st of September, 1992.
Champion Breweries Plc maintains its high-quality Champion Lager Beer brand which remains a pride to the people of Akwa Ibom and neighbouring states within the South-South region of Nigeria.