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  • Business - Companies
  • Updated: June 24, 2022

Champion Breweries Records 313.9% Increase In Profit

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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For the financial year ended March 31, 2021, Champion Breweries Plc has recorded a growth of 313.9 per cent in its Profit Before Tax, (PBT), to N1.73 trillion from N418 billion in the corresponding period of 2020.

Dr Elijah Akpan, Chairman, Champion Breweries Plc, while addressing shareholders at the Company’s 46th Annual General Meeting, AGM,  held in Lagos, said last year’s performance stood out as a testimony of better times ahead.

"The Company sustained its path in attaining profitability within the reporting year. Revenue increased by N3.5 billion compared to last year while operating profit rose significantly to N1.74 billion. Profit before Tax increased to N1.73 billion.”

Akpan recalled that the company had gone through tough times in the past and with the cooperation of stakeholders it is profitable, adding that the company’s impressive result posted in 2022 is a result of the combination of several factors including rebranding Champion Beer and Champ Malt as well as a formidable sales force to drive product sales.

“Our energy cost has also reduced with the building of a gas plant to power the brewery.

"This is in addition to our beneficial partnership with Raysun Nigeria Limited (Heineken) that has enabled us to source raw materials and spare parts at competitive prices.”

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

More From this Author

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