Key Highlight
- Champion Breweries Plc reported a gross revenue of N4.77 billion and a profit before tax of N2.25 billion for the 2022 financial year.
- The company attributed its strong financial performance to expanding its product offerings, increasing its market share, and investing in marketing initiatives.
- The impressive financial performance is expected to boost investor confidence in the company and attract new investments.
Champion Breweries Plc has released its financial results for the 2022 financial year, reporting a gross revenue of N4.77 billion and a profit before tax of N2.25 billion.
Revenue increased by N12.2 billion compared to last year while operating profit rose significantly to N2.27 billion. Also, profit after tax rose to N1.58 billion.
Key details of the audited financial report are summarized below.
Revenue
- December 2022: N12.2 billion
- December 2021: N9.55 billion
- Change: +28%
Gross profit
- December 2022: N4.77 billion
- December 2021: N3.53 billion
- Change: +35%
Total operating profit
- December 2022: N2.27 billion
- December 2021: N1.87 billion
- Change: +24%
Pre-tax profit
- December 2022: N2.25 billion
- December 2021: N1.84 billion
- Change: +22%
Net Profit after tax
- December 2022: N1.58 billion
- December 2021: N1.07 million
- Change: +47.7%
What attributed to the increase
The company’s strong financial performance can be attributed to several factors, including its focus on expanding its product offerings and increasing its market share in the highly competitive Nigerian beer market.
The company generates its revenue primarily from the sale of its products which are champion beer and champion malt. It also makes money through contract brewing and packaging.
Champion Breweries Plc has also made sales in scrap materials, by-products, and packaging materials and they made a tremendous gain in the disposal of property, plant and equipment. It also invested in its marketing initiatives to strengthen its brand and appeal to consumers.
The bottom line
Champion Breweries Plc’s impressive financial performance is expected to boost investor confidence in the company and attract new investments. The company’s shares have been performing well on the Nigerian Stock Exchange, with a revenue return of 28%.
Champion Breweries Plc’s 47% increase in profit and 28% growth in revenue for the year ended December 31, 2022, is a clear indication of its commitment to sustainable growth and value creation for its shareholders. As the Nigerian beer market continues to evolve, Champion Breweries Plc is well-positioned to maintain its leadership position and drive continued growth in the industry.