By Modupe Gbadeyanka
One of the beer makers in Nigeria, Champion Breweries Plc, has declared a 588 percent rise in profit for the year ended December 31, 2016.
In the result made available to the Nigerian Stock Exchange (NSE), Champion Breweries Plc posted a profit after tax of N530.39 million in 2016 compared with N77.14 million it achieved in 2015.
During the period under review, the amount paid by the firm as tax dropped to N150.9 million against 171.3 million it paid a year before.
However, Champion Breweries posted N637.3 million as profit before tax in 2016 in contrast to N210.2 million declared in 2015.
It was gathered that Champion Breweries said its cost of sales stood at N2.8 billion compared with N2.5 billion recorded in 2015, while it closed 2016 with a turnover of N3.9 billion against N3.5 billion it posted a year before.
Champion Breweries Plc is a company incorporated as a Private Limited Liability Company on the July 31, 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 September 1, 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.
Adedapo Adesanya