Reduced Costs Lift Champion Breweries to Record N96m Profit

0

Goddy Egene

Champion Breweries Plc has bounced back into profitability, recording total 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: “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 said the board is in 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 there have been widespread reports of supply shortages of pharmaceuticals and manufactured goods due to factory disruption in China, with many areas seeing panic buying and consequent shortages of food and other essential grocery items.

He added that the restrictions on public gathering would remain a threat to their consumer market during the year

While being optimistic of a more secure and better economically stable country, he said: “We are convinced that the incoming year would be more productive and beneficial to us all.