Champion Breweries records N1.2bn pre-tax profit
By Ralph Tathagata
For the year ending December 31, 2024, Champion Breweries Plc has reported a pre-tax profit of N1.2 billion.
The record, made known in its financial statements, marked a 186.08% increase compared to the N445.3 million reported in the same period the previous year.
The company’s total revenue for the year reached N20.8 billion, a significant increase from N12.7 billion in the previous year, with revenue from the sale of Champion beer and Champ Malta constituting the entirety of this revenue.
Additionally, total assets increased to N21.3 billion, compared to N20.5 billion reported the previous year, with non-current assets making up a significant portion of the total.
Champion Brewery reported a revenue increase of 64.44%, rising to N20.8 billion in 2024 from N12.7 billion in 2023, with sales of Champion beer and Champ Malta representing the entirety of this total.
However, the company’s cost of sales also increased, reaching N12.1 billion, up 59.44% year-over-year from N7.6 billion in the prior year.
Despite the recorded rise in costs, gross profit experienced a substantial increase of 71.96%, totaling N8.7 billion, compared to N5 billion for the full year of 2023.
However, other income decreased from N120 million in 2023 to N68.8 million in 2024, primarily due to lower sales of by-products and scrap materials.
On a more positive note, operating profit surged by 289.45% year-over-year, climbing to N2.3 billion from N603.9 million.
The company’s finance income also saw growth, reaching N15.5 million, a 38.09% increase from N11.2 million, mainly driven by interest on call deposits. However, finance costs escalated by 529.47%, totaling N1 billion.
Over all, the company reported a pre-tax profit of N1.2 billion, reflecting an impressive 186.08% year-over-year increase from N445.3 million.
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