Champion Breweries PLC, a regional beer maker said its third quarter gross revenue rose to NGN831 million.
The result is an improvement given the competitive nature of the market across national and regional market. Last year the company booked a total of NGN674 million in gross revenue.
As a challenge for most manufacturers, cost of sales nearly doubled. Champions Breweries’ cost of sales rose to NGN635 million compared to NGN488 million the company spent in the previous year.
Selling and distribution expenses have also increased to NGN72 million versus NGN59,9 million for last year.
Net asset at the end of the quarter, the company has a net asset of NGN10,7 billion compared to NGN10,3 billion. It liabilities are considerable low compared to its assets. Total liabilities increased to NGN3,4 billion compared to NGN3,0 billion posted last year.
Champion Breweries Plc (the ‘Company), which is a company domiciled in Nigeria, 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.
The 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 non-alcoholic beverages in Nigeria as well as provide contract brewing and packaging services.