Nigeria: Champion Breweries announces 6.98% growth
Champion Breweries Plc’s audited result for the year ended December 31, 2005 released to the Nigerian Stock Exchange (NSE) last week showed that the company had a growth of 6.98 per cent or N386 million in its volume of business, The Tide posted July 18.
Its profit before tax stood at N466 million representing a 55.14 percent decline while the turnover dropped to N5.91 billion from the previous year’s N5.53 billion.
Profit attributable suffered a worst fate, losing about N602.79 million or 72.88 per cent from N827.08 million in 2004 to N827.08 million.
Despite the huge fall, the board is proposing the payment of a 10 kobo per share dividend at a date to be announced later.
Meanwhile, the directors of Aviation Development Company, the only listed Stock on the aviation sub-sector did not recommend the payment of a dividend or a scrip issue, following its dismal performance in all the parameters used in measurement.
The company suffered a slight N19 million or 5.94 per cent drop in turnover, which stood at N3.0 billion just as its extra-ordinary items grew to N98.98 million form N7.51 million while PBT slumped by about N113.45 million or 79.09 per cent. Net profit also fell by about N111.06 million or 83.05 per cent from N133.71 million to N22.65 million.
The Seven-Up Bottling Company also in six months ended September 31, 2005 recorded a drop in earnings to N401 million from N425 in the comparative period of the preceding year.
Its profit after tax dropped from N1.382 billion in 2003 to N1.143 billion in 2004 and further down to N954 million in March 2005.
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