Champion Breweries Plc has decried the harsh operating environment in the country stressing that it affected the brewery industry, which posted losses in the financial year 2023.
The Managing Director, Champion Breweries, Dr. Inalegwu Adoga at the Company's fact behind its figures presentation at the Nigerian Exchange, NGX, said: " Despite the difficult situation, Champion Breweries was the only firm in the industry that posted profit during the period under review."
He further said : The Company plans to address its NGX free-float deficiency by issuing new shares to the public through public offer in the first quarter, 2025. This initiative is expected to bolster the Company's infrastructure and enhance its production capacity, enabling it to meet the growing demand for its products".
He also highlighted the Company's new strategic direction under the core ownership of EnjoyCorp Limited, whose Managing Director, David Butler, also serves as a Director on Champion's Board. "EnjoyCorp's industry expertise and operational insights have driven transformative initiatives within Champion, with a focus on cost management, market expansion, and customer-centric innovations. Now under the leadership of EnjoyCorp Limited, Champion Breweries is poised for continued growth and market leadership in Nigeria's dynamic beverage sector" Adoga added.
He further affirmed Champion Breweries' commitment to the Akwa Ibom community through educational, social, and environmental initiatives.
In his presentation on the figures ,Rasheed Adebiyi, Chief Financial Officer, Champion Breweries said: "Champion Breweries reported a strong revenue growth of 68%, reaching N14.02 billion in 9 months 2024, compared to 9 months 2023. Despite the macroeconomic challenges, including the impact of foreign exchange (FX) losses that resulted in a pre-tax profit of N178 million, the Company remains resilient, having fully settled its foreign liabilities in 9M 2024 to mitigate FX volatility moving forward".
He noted that cost optimisation impacted on its operation, adding" successful implementation of cost-saving measures, including the shift to renewable energy and localization of supply chains will impact on its future operations."
Mr. Imo-Abasi Jacob, Chairman of the Board of Champion Breweries, expressed confidence in the Company's strategic direction, stating, "Champion Breweries has demonstrated resilience and commitment to its shareholders and stakeholders, despite the turbulent economic conditions. Our focus on operational efficiency, cost reduction, and market expansion reflects our determination to deliver sustainable value and growth. We are confident that with our renewed leadership and strategic initiatives, Champion will continue to thrive as a significant player in Nigeria's beverage industry."
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Commenting about the Company, the Chairman said : " Champion Breweries Plc was
founded in 1974 and based in Uyo, Akwa Ibom State. The Champion Breweries Plc is a key player in Nigeria's brewing industry. Known for its innovative approach and commitment to quality, the Company remains dedicated to delivering excellence and enriching life's moments with its diverse product portfolio. Now under the leadership of EnjoyCorp Limited, Champion Breweries is poised for continued growth and market leadership in Nigeria's dynamic beverage sector.
