Nigerian state programs

International Breweries narrows loss in half-year

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
Ilesha-based International Breweries Plc said its losses in the first-half of the year (Apr – Sept) narrowed to N52m, from ₦1.9bn in the previous year. The brewer blamed the loss on unrealized foreign exchange loss which skyrocketed 894% in the six months to ₦983m ($2.7 million). The maker of Trophy lager said it had a particularly difficult second quarter as much of the FX loss came from this period, rising 4,238% to ₦945m ($2.6 million). The net loss in Q2 was even far much greater, at ₦1.2bn, from ₦216m. The FX loss had a material impact on cost of sales which grew 34% in the first-half to ₦9.4bn. Administrative expenses also weighed on the company’s earnings, leaping 34% to ₦3.6bn and rising nearly 50% in the second quarter to N2bn. Despite the loss, the firm said that revenue in the f

Champion Breweries records 57% profit growth in nine months

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
Champion Breweries Plc said on Tuesday that net profit for the nine months to the end of September grew 57% to ₦152m ($419,000), up from ₦97m ($267,000) in 2016. The Akwa Ibom-based brewer said that profit growth was helped by a 25% sales lift which reached ₦3.3bn ($9 million) from ₦2.7bn ($7.4 million) in the previous year. Cost of sales grew marginally at 13.5% to ₦2.5bn ($6.9 million), helping boost Gross profit 58% and Operating Profit 73% to ₦171m ($471,000). Champion Breweries brews Champion Lager and Champ Malt which are marketed in Akwa Ibom and environs. The firm is an indirect subsidiary of Heineken N.V. $1 = 363Powered by WPeMatico