Champion Breweries Plc has recorded a profit after tax of N77.140 million for the full year ended December 31, 2015, from a loss position of N754.523 million recorded the same period in 2014.
In a filing with the Nigerian Stock Exchange, the company’s profit before tax also stood at N210.179 million as against a loss of N1.071 billion posted a year earlier.
Turnover grew from N3.302 billion to N3.501 billion, accounting for growth of 6.02 per cent. Champion reported a profit after tax of N14.579 million for the half-year ended June 30, 2015 from a loss position of N884.712 million recorded the same period in 2014.
The company’s turnover rose from N1.399 billion in 2014 to N1.595 billion during the review period of 2015, accounting for growth of 14 per cent.
The brewer had returned to profitability with a profit after tax of N13.400 million for the first quarter ended March 31, 2015 from a loss of N391.503 million in 2014.
The company’s turnover grew from N174.180 million in 2014 to N245.627 million during the review period of 2015, translating to growth of 41 per cent.
The company posted a loss of N754.523 million during the financial year ended December 31, 2014. It recorded a loss after tax of 754.523 million at the 2014-year end from a loss position of N1.178 billion in 2013, depicting a percentage change of 35.9 per cent.
Similarly, the company posted a loss before tax of N1.071 billion in the Q4 of 2014 from a loss position of N1.703 billion reported in the same period of 2013, representing 38.1 per cent.
Gross earnings dropped to N3.302 billion during the financial year ended, against N2.133 billion a year ago, accounting for a drop of 47.9 per cent.
The management of Champion Breweries had in 2014 said that the company would overcome its challenge of capital inadequacies with planned recapitalisation exercise.
The recapitalisation, according to the management, would enable the company to maintain and sustain the production of premium quality beer and non-alcoholic beverages that meet international brewing standards through the deployment of cutting-edge technology and application of human capital.
