Champion Breweries has recorded operating profit of N2.3 billion during the 2022 financial year, its Chairman, Elijah Akpan has announced.
The company also experienced significant growth in market capitalization to N32.9 billion during the period.
Speaking during the Champion Breweries Plc 47th Annual General Meeting held in Lagos, Akpan said the success represents a remarkable increase and underscores the market’s recognition of its company’s value and potential.
He also noted that the company’s continued journey towards profitability during the reporting year reflects in its positive performance across various financial indicators.
“I am pleased to inform you that Champion Breweries experienced significant growth in market capitalisation during 2022. At the end of the year, our market capitalisation stood at N32.9 billion, compared to N18.4 billion at the end of the previous year,” he said.
Champion Breweries’ operating profit experienced significant growth, rising to N2.3 billion, with profit after tax increasing to N1.58 billion. This is attributable to a notable increase in revenue, with an additional N2.7 billion compared to the previous year.
“This growth in revenue reflects the successful execution of business strategies, market demand, and potentially expanding customer base. It also indicates improved operational efficiency, effective cost management and demonstrates the company’s ability to generate sustainable profits and create value for its stakeholders,” Akpan stated.
Looking ahead, he said the company anticipates a dynamic and evolving business environment in Nigeria. “The recent fuel subsidy removal will have an adverse effect on consumer purchasing power.
“As the subsidy is removed, the price of Premium Motor Spirit may increase, putting additional pressure on consumers’ budgets and potentially affecting their ability to spend on other goods and services. We will remain proactive in navigating any uncertainties and leveraging opportunities to drive sustainable growth and value for our shareholders,” he concluded.