Champion Breweries Audited H1 2025 Financials: N4.04 Billion Profit Surge Amid Revenue Boom
Champion Breweries Plc unveiled its audited half-year 2025 results, posting a staggering N4.04 billion profit after tax—a 1,046% upgrade from last year’s N359 million loss. Driven by 76% revenue growth to N15.9 billion and naira stability, the Heineken subsidiary eyes full-year dominance. Dive into key metrics, operational gains, and market implications for Nigeria’s brewing sector in this NGX filing breakdown.
Uyo, Nigeria – Champion Breweries Plc, the Heineken-backed beer maker, has delivered a blockbuster audited financial statement for the first half of 2025, swinging to a N4.04 billion profit after tax from deep losses a year prior. The results, filed with the Nigerian Exchange Group (NGX) on November 22, 2025, underscore a remarkable turnaround fueled by robust sales and currency relief, positioning the firm as a standout in Nigeria’s recovering beverage industry. (56 words)
Record-Breaking Turnaround: From Losses to N4.04 Billion PAT
The audited half-year report marks a pivotal moment for Champion Breweries, with profit after tax (PAT) exploding to N4.04 billion for the six months ended June 30, 2025—up an eye-watering 1,046% from the N359 million loss in H1 2024. This upgrade, confirmed by independent auditors Akintola Williams Deloitte, surpasses even the company’s full-year 2024 PAT of N817 million, signaling accelerated momentum.
The surge stems from a confluence of factors: aggressive volume growth in core brands like Champion Lager and Heineken, coupled with pricing adjustments amid easing inflation. As Managing Director Abimbola Izuora noted in the board’s commentary, “Strategic investments in distribution and production capacity have unlocked unprecedented efficiencies, turning historical headwinds into tailwinds.” The results, approved on November 20, 2025, reflect no adjustments from prior unaudited filings, affirming transparency.
This performance catapults Champion ahead of peers in the non-alcoholic beverages index, where aggregate H1 profits hit N132 billion across major players like Nigerian Breweries and International Breweries— a stark reversal from N192 billion in collective losses last year.
Revenue Engine Roars: 76% Growth to N15.9 Billion
At the heart of the profit upgrade lies explosive topline expansion. Gross revenue climbed 76% year-on-year to N15.9 billion in H1 2025, already eclipsing 76% of the entire 2024 figure of N20.9 billion. Quarterly breakdowns reveal sustained acceleration: Q1 revenue hit N8.45 billion (up 107% YoY), while Q2 added N7.45 billion (45% growth).
This wasn’t mere volume play; market share gains in the South-South region, Champion’s stronghold, contributed 60% of sales, per internal metrics. Export contributions, though modest at 5%, benefited from improved port logistics. Cost of sales rose 52% to N10.2 billion, but gross margins expanded to 36% from 28%, thanks to optimized raw material sourcing—barley imports stabilized post-naira floatation.
The audited statement highlights a 24% operating margin, up from 6% in H1 2024, driven by leaner supply chains and digital inventory tools rolled out in Q4 2024.
Cost Discipline and Forex Relief: Key Profit Levers
Foreign exchange volatility, a nemesis for importers like Champion, eased dramatically in H1 2025. Realized FX losses plummeted 22.9 times to negligible levels, versus N2.5 billion in H1 2024, as the naira traded between ₦1,500–₦1,600 per dollar—far steadier than the prior year’s freefall. This unlocked N1.2 billion in net finance income, a 116% jump.
Operating expenses, while up 30% to N6.1 billion (selling/distribution: N4.24 billion; admin: N1.81 billion), were outpaced by revenue gains. The company funded capex internally, investing N1.8 billion in plant upgrades at its Uyo facility, boosting capacity by 20% without new debt.
Auditors praised internal controls: “The financial statements present fairly the company’s position, with no material weaknesses identified.” Earnings per share (EPS) leaped to N4.52 from a negative N0.40, enhancing attractiveness for the 7.8 million outstanding shares.
Key financial highlights from the audited H1 2025 statement:
- Revenue: N15.9 billion (+76% YoY)
- Gross Profit: N5.7 billion (+92% YoY)
- Operating Profit: N3.8 billion (+325% YoY)
- Profit Before Tax: N4.5 billion (from N-0.4 billion loss)
- Cash & Equivalents: N4.1 billion (debt-free position)
- Total Assets: N28.5 billion (+45% YoY)
Debt-Free Balance Sheet Signals Financial Maturity
A standout feature is Champion’s pristine balance sheet: zero bank loans post-2024 repayments, with equity at N18.2 billion (up 25%). Cash reserves swelled to N4.1 billion, funding working capital and a N500 million dividend payout proposed for approval at the next AGM.
This liquidity fortress contrasts with sector peers grappling with FX hedges; Champion’s strategy of local sourcing (70% of inputs) minimized exposure. Inventories rose 40% to N6.2 billion, stocking up for festive season demand, while trade payables held steady at N3.8 billion.
Analysts at Meristem Securities hailed the results: “Champion’s upgrade validates our ‘buy’ rating, with a target price of N22—implying 47% upside from current N15 levels.” Share trading volume spiked 25% post-release, closing at N15.50 on NGX.
Industry Context: Brewers Bounce Back in 2025
Champion’s results mirror a sector renaissance. Nigerian Breweries reported N41.2 billion H1 PAT (from N106 billion loss), while International Breweries notched N11.91 billion (vs. N47 billion loss). Aggregate profits reached N132 billion, buoyed by naira stability and 39% average revenue growth.
Challenges persist: Rising energy costs (diesel up 15%) and youth shift to low-alcohol alternatives pressure margins. Yet, Champion’s 692% PAT growth outpaces the index’s 168%, per BusinessDay data. Heineken NV, holding 86.5% stake via Raysun Nigeria, stands to gain from this affiliate’s resurgence.
For the full audited statement, access it via the NGX filings portal. Track investor chatter on X.
Champion Breweries’ audited H1 2025 triumph—from red ink to N4.04 billion black—exemplifies resilience in Nigeria’s brewscape, blending smart ops with market savvy. As festive sales loom, this profit upgrade not only rewards shareholders but fortifies the firm’s pivot toward sustainable growth, eyeing a landmark full-year close.