Champion Breweries Plc has reported a profit after tax of N816.99m for the 2024 financial year, representing a 120.5 per cent increase from the N370.56m recorded in 2023.
The company’s audited financial statements for the year ended December 31, 2024, showed that revenue rose by 64.5 per cent to N20.89bn from N12.70bn in the previous year.
The increase in revenue was driven by higher product sales, despite rising costs. The cost of sales climbed to N12.17bn in 2024 from N7.63bn in 2023, reflecting an increase of 59.5 per cent.
Champion Breweries also recorded a 70.3 per cent growth in gross profit, which stood at N8.72bn, compared to N5.07bn in the previous year.
Operating profit rose significantly to N2.33bn from N603.97m in 2023, supported by higher revenue and controlled operating expenses. However, finance costs surged to N1.07bn from N169.91m, reflecting higher borrowing costs during the year.
The company’s taxation for the period amounted to N457.06m, up from N74.78m in 2023.
Total comprehensive income for the year stood at N860.79m, marking a 206.5 per cent increase from N280.84m recorded in 2023.
Champion Breweries’ total assets grew to N21.35bn in 2024 from N20.55bn in the previous year. Shareholders’ equity also increased to N12.06bn from N11.20bn, reflecting retained earnings and reserves.
Earnings per share rose to 9.10 kobo in 2024 from five kobo in 2023, indicating improved returns for shareholders.
The PUNCH reported that Champion Breweries Plc reported a 65.6 per cent year-on-year growth in revenue to N5.17bn in the second quarter of 2024, from the N3.12bn recorded in the same period of the previous year.
