Oluchi Chibuzor
Champion Breweries Plc has recorded a 102 per cent increase in its profit before tax to N418,163 million for the year ended on 31St December 2020 from the N206,578 million recorded for the year 2019.
The company in a statement noted that its operating profit for the business has also grown by 91 per cent to N461, 358 million from the N241, 480 million recorded in 2019.
Commenting on the results at the 45th Annual General Meeting of the company, the Chairman, Champion Breweries Plc, Dr. Elijah Akpan said even in the middle of the pandemic which led to closure of businesses across the nation, the firm remained focused on dominating the market and breaking into new bounds within the South- South region.
“Last year was a challenging one that witnessed a widespread lockdown in Nigeria and all over the world. It was a year Nigeria’s economy reported negative growth balance as the buying power of the populace dwindled beyond projection. The consequence of this led to closure of many businesses and rise in unemployment,” he stated.
He said Champion Breweries thrived through the year because it was committed to its values of passion for quality and drive for performance, while expressing optimism for the year 2021 and assuring shareholders of good returns on their investment.
He projected a positive Gross Domestic Product for the nation.
Akpan acknowledged the company’s resilience.
