Home » Champion Breweries Posts N1.73bn Profit as Revenue Soars

Champion Breweries Posts N1.73bn Profit as Revenue Soars

Champion Breweries Posts N1.73bn Profit as Revenue Soars

Champion Breweries Plc has released its financial results for the 2021 financial year ended on March 31st 2022 in which it achieved N1.73 billion profit before tax and gross revenue of N3.5 billion.

The company achieved these milestones despite the challenging macroeconomic environment.

In his speech during the company’s 46th Annual General Meeting held in Lagos, Chairman, Champion Breweries Plc, Dr. Elijah Akpan said last year’s performance stood out as a testimony of better times ahead. 

The company, he added, sustained its path in attaining profitability within the reporting year.

“Revenue increased with N3.5 billion compared to last year while operating profit rose significantly to N1.74 billion. Profit before Tax increased to N1.73 billion, “he said.

He recalled that Champion Breweries Plc as a company had gone through tough times in the past and with the co-operation of stakeholders is now in profitable territory.

He noted that the impressive result posted this year is the reward of the combination of several factors including rebranding Champion Beer and Champ Malt as well as a formidable sales force to drive product sales.

“Our energy cost has also reduced with the building of a gas plant to power the brewery. This is in addition to our beneficial partnership with Raysun Nigeria Limited (Heineken) that has enabled us source raw materials and spare parts at competitive prices. We must also thank the Akwa Ibom State Government for the impressive road network that has ensured our trucks move in favourable road conditions across the state” he stated

He assured shareholders that the Board and Management remains focused on maintaining the positive trajectory of results and shall continue to implement the right strategies to attain sustainable growth.

To achieve this in the new financial year, he noted that the company intends to launch new products into the market, expand sales territory to other regions, introduce new distribution vehicles and importantly maintain the signature of quality that the brand is known and loved for.

He disclosed that in 2021, the Securities & Exchange Commission (SEC) approved the mandatory takeover by Raysun Nigeria Limited to acquire up to 1,196,799,164 ordinary shares from the other shareholders of the Company. These statutory obligations are duly fulfilled leading to Raysun’s increase in her shareholding to 84.72 per cent.

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