Champion Breweries reports N206.7m profit before tax in 2019

Champion Breweries plc has reported N206.7 million profit before tax in 2019 audited result and accounts as against the loss of N255.4million reported in 2018.

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The company listed on the Nigerian Stock Exchange (NSE) reported N168.5million profit in 2019 as against a loss of N263.8million reported in 2018.

Increased revenue of about N6.92billion in 2019 from N4.76billion contributed to the impressive performance of the breweries manufacturing company last year, coupled with

The chairman, Champion Breweries Elijah Akpan in a statement said, “The company’s results were positively impacted by the increase in production of sales of her brand portfolio in the reporting year.

“Revenue grew from N4.8billion to N6.9billion, operating profit changed its narrative from a negative to positive of N223million in 2018 to the positive position of N241 million and the comprehensive profit was N98million as against a loss if N165million in the previous year.”  

He said the COVID-19 pandemic has had far reaching consequences beyond the spread of the disease and efforts to quarantine it.

According to him, “There have been widespread reports of supply shortage of pharmaceuticals and manufactured goods due to factory disruption in China, with many areas seeing panic buying and consequent shortages of food and other essentials grocery items.

“However, being optimistic of a more secured and better economically stabled country, we are convinced that the incoming year would be more productive and beneficial to us all.

“We are approaching the tail-end of the negative results suffered by the company over the years. This would certainly lead to large returns shortly in a more stable terrain.

“With the new leadership, we expect a rejuvenated workforce to assist in improving efficiency in our operations thereby reducing operating cost and increase in profitability.”