Champion Breweries records N96m profit
Champion Breweries Plc has announced a comprehensive profit of N96 million for 2019 financial year as against a loss of N165 million in 2018.
Addressing shareholders at the 44th annual general meeting (AGM) of the company, Chairman of Champion Breweries Plc, Dr. Elijah Akpan, said revenue grew from N4.8 billion to N6.9 billion, operating profit stood at N223 million in 2018 compared to a loss of N241 million in 2019, while PAT printed at N168.5 million as against a loss of N263.8 million in the previous year. The company ended the year with total comprehensive profit of N96 million, up from a loss of N165 million in 2018.
He said the board was working with management on strategies to grow the business and lean on the shareholders’ continuous support towards the capitalisation of the company.
“The board will commence work on the establishment of dividend policy with an expectation of implementation within the soonest practicable time,” he assured.
Akpan lamented the harsh operating environment occasioned by the COVID-19 pandemic, saying factory disruption in China has led to widespread reports of supply shortages of pharmaceuticals and manufactured goods. He was of the opinion that the investment and vision of the company has paid off.
He said: “Our investment in power generation by way of utilisation of gas has begun to pay off as significant savings have resulted as well as improved efficiency in our mode of operation in recent times.”
He added that the restrictions on public gathering would remain a threat to their consumer market during the year.
Being optimistic of a more secure and better economically stable country, he noted: “We are convinced that the incoming year would be more productive and beneficial to us all.”
About Champion Breweries
Champion Breweries PLC is a Nigerian brewing company located in Akwa Ibom state. The company is the producer of Champion lager beer and Champ Malta. Champion Breweries was established as a publicly funded commercial enterprise in 1974 and began manufacturing in 1976 with a capacity of 150,000 hecto litres of Champion beer and 10,000 hecto litres of Champ Malta.
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