Champion Breweries Q2 Net Profit Grew By 304%

Champion

Champion Breweries’ net profit for the second quarter of 2016 rose by 304%. This result proves the company is fast regaining its position into a profitable concern.

According to the company’s unaudited year to date result released shortly, the company’s net profit rose to NGN21,761 million compared to NGN5,379 million recorded in 2015.

The company’s cost of sales slightly increased to NGN732 million compared to NGN667 million spent last year. Champion Breweries is perhaps not tinkering with its workforce as its administrative expenses for the period was NGN122 million versus NGN127 million last year.

Champions Breweries will have look into raising more capital as its current assets now stands at NGN2,5 billion compared to its current liabilities NGN3,1 billion. The company’s working capital is needs to be cushioned.

The was incorporated on31st July 1974 and converted to a public limited company in 1983. The address of the Company’s registered office is Industrial layout, Aka Uffot, Uyo, Akwa Ibom State, Nigeria, from where brewing activities are carried out.

According to its filings, its major shareholders include The Raysun Nigeria Limited, Asset Management Nominee and Akwa Ibom State Government whose shareholdings are 60.71%, 12.29% and 10% respectively. The principal activity of the company is to carry on business of brewing and marketing of alcoholic and nonalcoholic beverages in Nigeria as well as provide contract brewing and packaging services.

 

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