By Tunde Osho
Champion Breweries Plc said on Tuesday that net profit for the nine months to the end of September grew 57% to ₦152m ($419,000), up from ₦97m ($267,000) in 2016.
The Akwa Ibom-based brewer said that profit growth was helped by a 25% sales lift which reached₦3.3bn ($9 million) from ₦2.7bn ($7.4 million) in the previous year. Cost of sales grew marginally at 13.5% to ₦2.5bn ($6.9 million), helping boost Gross profit 58% and Operating Profit 73% to₦171m ($471,000).
Champion Breweries brews Champion Lager and Champ Malt which are marketed in Akwa Ibom and environs. The firm is an indirect subsidiary of Heineken N.V.