Champion Breweries Plc has announced a pre-tax profit of N1.2 billion for the financial year ending December 31, 2024, marking a remarkable 186.08% increase from the N445.3 million recorded in the previous year.
The company’s total revenue surged to N20.8 billion, reflecting a 64.44% growth from N12.7 billion in 2023. This revenue was entirely driven by sales of Champion Beer and Champ Malta. Despite the strong revenue performance, the cost of sales also rose significantly by 59.44% to N12.1 billion, compared to N7.6 billion in the prior year.
Despite the increase in production costs, gross profit grew by 71.96% to reach N8.7 billion, up from N5 billion in 2023. However, other income declined to N68.8 million in 2024 from N120 million in the previous year, largely due to reduced sales of by-products and scrap materials.
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Operating profit saw a substantial increase of 289.45%, climbing to N2.3 billion from N603.9 million. Finance income also rose by 38.09% to N15.5 million, driven primarily by interest on call deposits. Conversely, finance costs surged by 529.47% to N1 billion.
At the bottom line, Champion Breweries posted a post-tax profit of N816.9 million, representing a 120.47% increase from the previous year’s figure.
Champion Breweries’ total assets grew to N21.3 billion, up from N20.5 billion in 2023. Non-current assets dominated at N14 billion, with property, plant, and equipment accounting for N13.8 billion. Meanwhile, current assets stood at N7.3 billion, with cash and cash equivalents, along with inventories, forming a significant portion of this sum.
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