The Chairman of Champion Breweries Plc, Dr. Eljiah Akpan has assured shareholders that the company will sustain the positive performance recorded in 2015 and achieve dividend payment very soon.
Champion Breweries returned to profitability last year after recording a loss the previous day.
Speaking at the 40tha annual general meeting (AGM) recently in Lagos, Akpan said the company recorded substantial improvement in its trading results in the year under review compared to previous years.
According to him, revenue increased to N3.5 billion from N3.3 billion in 2014 while operating profit was N207 million as against N26 million recorded in 2014. Also, profit before tax was N210 million, up from N1.1 billion loss recorded in 2014.
“The company’s successful conclusion of debt re-financing, increase in production and sales volume of Champion Lager Beer as well as re-introduction of Champ Malta has resulted in positive turnaround of the business performances during the year,” he said.
He assured the shareholders of better days ahead, saying they will soon start enjoying the dividend of their investments.
“Considering our present financial position from deficit to surplus, our company has the right mindset and structures to achieve payment of dividend to you our dear esteemed shareholders in no distant time”, he said.
Akpan, who said there would be stronger competition with on-going global mergers between brewing giants in the world, noted that the situation would lead to more innovations and inflow of new brands in the market.
He also expressed optimism in Nigeria’s outlook in 2016 which, according to him is brightened by the large and varied opportunities in different sectors of the economy.
“We shall explore the available possibilities the Nigerian business environment is offering to increase our market share within our business region,” he said.
Shareholders, who were at the AGM hailed the improved financial status of the company, and urged the Board to remain resolute in continuously achieving cost optimisation and innovation for increased profit going forward.
Champion Breweries Plc was incorporated as a private limited liability company on the 31st of July, 1974 with the name South East Breweries Limited. The company’s name was changed from South East Breweries Limited to Cross River Breweries Limited and thereafter to Champion Breweries Limited.