Champion Breweries Plc has announced a remarkable 120.5% increase in profit after tax for the 2024 financial year, reporting N816.99 million compared to N370.56 million in 2023. The company’s audited financial statements, released for the year ended December 31, 2024, also revealed a 64.5% rise in revenue, which climbed to N20.89 billion from N12.70 billion in the previous year.
The surge in revenue was driven by increased product sales, despite a 59.5% rise in the cost of sales, which reached N12.17 billion in 2024, up from N7.63 billion in 2023. This growth in sales contributed to a 70.3% increase in gross profit, which stood at N8.72 billion, compared to N5.07 billion in 2023.
Operating profit also saw a significant boost, rising to N2.33 billion from N603.97 million in 2023, supported by higher revenue and controlled operating expenses. However, finance costs surged to N1.07 billion, up from N169.91 million in the previous year, reflecting increased borrowing costs.
Taxation for the period amounted to N457.06 million, a substantial increase from N74.78 million in 2023. Despite this, total comprehensive income for the year grew by 206.5% to N860.79 million, up from N280.84 million in 2023.
The company’s total assets also expanded, reaching N21.35 billion in 2024, up from N20.55 billion in the previous year. Shareholders’ equity increased to N12.06 billion from N11.20 billion, reflecting retained earnings and reserves. Earnings per share rose to 9.10 kobo, up from 5 kobo in 2023, signaling improved returns for investors.
Earlier in 2024, Champion Breweries had reported a 65.6% year-on-year revenue growth in the second quarter, with earnings rising to N5.17 billion from N3.12 billion in the same period of 2023.
The company’s strong financial performance underscores its resilience and strategic growth initiatives, even amid rising costs and economic challenges. With increased profitability and shareholder value, Champion Breweries continues to solidify its position as a key player in Nigeria’s beverage industry.
