Champion Breweries grows revenue to N4.8 billion
Champion Breweries Plc has grown its revenue to N4.8b as against N3.9 billion recorded in the previous year, putting the company on the path of sustained growth.
Disclosing the company’s operating results and performance in its just concluded financial year which ended December 31, 2017, Chairman, Dr. Elijah Akpan noted that deliberate steps are being taken towards ensuring the company’s long term growth.
Akpan, said this at the company’s 42nd yearly general meeting (AGM) in Lagos at the weekend, that it recorded significant improvement in its results as revenue increased to N4.8 billion, compared to N3.9 billion recorded in the corresponding period of last year), while operating profit dropped from N618 million to N595 million.
Its profit before Tax was N603 million as against N637 million in the previous year.
He acknowledged sundry steps taken by the government in the year 2017 to exit the hostile economic recession, saying: “It is expected that 2018 would experience an increased crude oil production and sale due to security improvement compared to the year under review.
“This would also lead to a more stable foreign exchange position thereby attracting capital importation for investments and development”.
He added that the board and management have also taken cognizance of the several global mergers and acquisitions leading to new entrants of highly competitive brands into the market.
“While the year under review has recorded significant influx of new global players into the industry, the company has continued to position itself to remain profitable in the increasingly competitive market,” he said.
While assuring the shareholders of getting returns on their investments soon, he said: “The board and management have also commenced exploring effective strategies that will enable the firm to increase its stock value and pay dividends to shareholders”.