Champion Breweries, the Akwa Ibom-based brewer, has reported net profit for the nine months to the end of September surged 57%.

Champion Breweries, the Uyo, Akwa Ibom-based brewer, has reported net profit for the nine months to the end of September have surged. Net profit rose to N152m ($419,000), up 57% from N97m ($267,000) in the same period in 2016. Champion is majority owned by Heineken  and its distribution is strongest in the south of Nigeria. It is the owner of the Champion Lager and Champ Malta brands. The company had previously reported that net profit increased by 9% for the six months ended 30th June.

The latest results indicate that the brewer is regaining control of soaring costs that have hit profits of brewers and soft drinks companies alike. In April, Champion Breweries had advised that Q1 net profit had fallen, even though revenues had risen. It placed the blame on higher production costs driven by a toxic mix of inflation and a weak naira.