Champion Breweries Plc, a leading player in the brewing industry, has announced an impressive financial performance and strategic milestones achieved during the fiscal year 2023.
Speaking during its 48th Annual General Meeting (AGM) held in Lagos, the company’s Chairman, Mr. Imo-Abasi Jacob stated that its audited financial results for 2023 reveal remarkable progress, with substantial gains across various financial metrics.
In 2023, revenue experienced a modest increase of 3.4% compared to the previous year, despite a significant contraction in market demand. However, operating costs escalated due to unfavorable macroeconomic conditions, leading to a 73.4% decrease in operating profit from the previous year, resulting in an operating profit of N604 million for the year. Despite the challenging business environment that significantly impacted the manufacturing sector, the company achieved a profit after tax of N371 million, demonstrating our capacity to generate sustainable profits and create value for our stakeholders.
He stressed that despite facing economic challenges such as cash shortages, fuel subsidy removal, and currency fluctuations, Champion Breweries Plc exhibited resilience and adaptability throughout the year.
The company successfully launched three new products, implemented cost-saving measures, and commissioned a new Mash Filter, showcasing its commitment to innovation and operational excellence. Moreover, Champion Breweries Plc remains actively engaged in community initiatives, exemplified by the impactful “Don’t Drink and Drive” campaign, emphasizing inclusivity and social responsibility.
In addition to its financial achievements, Mr. Imo-Abasi Jacob announced a strategic acquisition that will further enhance the company’s market position and growth prospects. He revealed that EnjoyCorp Limited, a leading holding company in the food, beverage, and hospitality sectors, has acquired 100% of Heineken B.V.’s shareholding in The Raysun Nigeria Company Limited, including an 86.5% stake in Champion Breweries Plc. This acquisition will strengthen Champion Breweries Plc’s market position and opens new avenues for growth and collaboration.
“We extend our appreciation to Heineken for its invaluable contribution to Champion Breweries Plc and welcome EnjoyCorp’s commitment to our growth trajectory,” added Mr. Imo-Abasi Jacob. “With this acquisition, we are confident in our ability to drive sustainable growth and value for all stakeholders.”
At the AGM, shareholders, including Chief Boniface Okeizie, Sir Nwosu, and Mr. Nonah Awoh, expressed their support for the company’s performance and approved resolutions related to the issuance of bonus shares, the cancellation of unissued shares, and the amendment of the company’s Memorandum of Association. The resolutions aim to optimize the company’s share capital structure and align it with regulatory requirements. The shareholders also urged the Board and Management to continuously take steps in ensuring the Company implements strategies for growth and increased profitability to yield dividends for the Company. Furthermore, they expressed their expectation of the key shareholders, EnjoyCorp and Akwa Ibom State Government, to drive the Company and create shareholder value in the capital market.
The shareholders’ support and approval of the resolutions demonstrate their confidence in the company’s performance and prospects.
L – R: Mr Thompson Owoka, Director, Champions Breweries Plc; Alhaji Shuaibu Ottan, Director, Champion Breweries Plc; Dr. Adoga Inalegwu, Managing Director/Chief Executive Officer, Champion Breweries Plc; Mr Jacob Imo-Abasi, Chairman, Champion Breweries Plc; Chief Tosan Atle Aiboni, Secretary, Champion Breweries Plc; Mr. Olufunminiyi Alabi, Director, Champion Breweries Plc; Mrs Helen Umanah, Director, Champion Breweries Plc and Mr. Samson Aigbedo, Director, Champion Breweries Plc, at the company’s 48th Annual General Meeting recently held in Lagos
