Industry News

Champion Breweries Posts Low Profit Following 9 Months Decrease in Sales

David Masifon

BY David Masifon

Champion Breweries Plc posted a 21% drop in profits for the first nine months of 2018 to ₦120 million.

In the same period in 2017, the company earned ₦152 million. The profit decline accelerated in the third quarter by 40% to ₦40 million, from ₦66 million in the previous year.

The brewer attributed the drop in profit to low sales despite higher selling and distribution expense.

Net revenue declined by less than 1% in nine months to ₦3.2bn but grew by 7.5% in the third quarter to ₦1.1bn. Selling and distribution expenses jumped 115% in nine months to ₦630 million, skyrocketing in the third quarter by 147% to ₦283 million.

Champion Breweries is based in Uyo, Akwa Ibom State and produces its namesake lager, Champion Lager and Champ Malta. The company is an indirect subsidiary of Heineken N.V.

Hennessy VS leader borad | www.drinks.ng
visa promo