The operating profit of Champion Breweries Plc rose by 696 per cent to N207m in the 2015 financial year, up from the N26m recorded in 2014.
The brewer, therefore, at its 40th Annual General Meeting held in Lagos, promised shareholders of its determination to sustain the current growth with a view to achieving payment of dividend very soon.
The Chairman, Champion Breweries, Dr. Elijah Akpan, said the firm recorded substantial improvement in its trading results in the year under review compared to previous years.
He said, “Revenue increased to N3.5bn from N3.3bn in 2014 while operating profit was N207m as against N26m recorded in 2014. Besides, profit before tax was N210m away from N1.1bn loss recorded in 2014.”
He also said, “The company’s successful conclusion of debt re-financing, increase in production and sales volume of Champion Lager Beer as well as re-introduction of Champ Malta has resulted in positive turnaround of the business performances during the year.”
Akpan assured the shareholders of better days ahead, saying they would soon start enjoying the dividend of their investments.
“Considering our present financial position from deficit to surplus, our company has the right mindset and structures to achieve payment of dividend to you our dear esteemed shareholders in no distant time,” he added.
Akpan, who predicted stronger competition with on-going global mergers between brewery giants in the world, noted that the situation would lead to more innovations and inflow of new brands in the market.
“We shall explore the available possibilities the Nigerian business environment is offering to increase our market share within our business region,” he said.