The board and management of Champion Breweries Plc have reassured the investing public that the company has been positioned for long-term growth and sustainability with sales rising by 68 per cent in the first nine months of this year.
Chairman, Champion Breweries Plc, Mr Imo-Abasi Jacob, said the company recorded strong revenue growth of 68 per cent to N14.02 billion in third quarter 2024, compared with the corresponding period of 2023.
According to him, despite macroeconomic challenges, including the impact of foreign exchange (forex) losses, the company remains resilient, having fully settled its foreign liabilities in third quarter 2024, which will mitigate forex volatility moving forward.
“Champion Breweries has demonstrated resilience and commitment to its shareholders and stakeholders, despite the turbulent economic conditions. Our focus on operational efficiency, cost reduction, and market expansion reflects our determination to deliver sustainable value and growth. We are confident that with our renewed leadership and strategic initiatives, Champion will continue to thrive as a significant player in Nigeria’s beverage industry,” Jacob said.
He noted that company’s new strategic direction under the core ownership of EnjoyCorp Limited, whose Managing Director, David Butler, also serves as a Director on Champion Breweries’ board, would enhance performance in the years ahead.
He pointed out that EnjoyCorp’s industry expertise and operational insights have driven transformative initiatives within Champion Breweries, with a focus on cost management, market expansion, and customer-centric innovations.
He highlighted some of the recent growth initiatives to include successful implementation of cost-saving measures, including the shift to renewable energy and localization of supply chains.
He said Champion Breweries remains the only Nigerian-owned brewery listed on the Nigerian Exchange (NGX), with a strong track record of profitability and operational resilience.
Jacob spoke during a “Facts Behind the Figures” forum at the NGX in Lagos.
Managing Director, Champion Breweries Plc, Dr. Inalegwu Adoga said the company’s commitment to continuous improvement remains unwavering.
Read Also: Champion Breweries deepens growth with N604m profit
“Our nine-month 2024 performance reflects our ability to adapt and grow in a challenging environment. We are confident that our investments in operational efficiency, renewable energy, and market expansion will position us for even greater success in the coming years,” Adoga said.
He reaffirmed the company’s plan to address its NGX free-float deficiency by issuing new shares to the public.
According to him, the additional funding would bolster the company’s infrastructure and enhance its production capacity, enabling it to meet the growing demand for its products.
He noted that the company’s focus remains on delivering and returning value to shareholders through achieving increased profitability, driving operational efficiency and growth of its market share.
Chief Executive Officer, Nigerian Exchange Limited (NGX), Mr. Jude Chiemeka, said the Consumer goods companies have a significant presence on the Exchange with 21 listed companies including five in the beverage industry.
Said he: “Between 2020 and 2024, this sector generated N887 billion in trade value, accounting for 13 per cent of the N7 trillion traded across all sectors. NGX continues to support the beverage sector by providing a robust platform for capital raising, liquidity through equity listings, bonds and other asset classes, enabling companies to secure the capital necessary for growth.
“In 2024 alone, about, two of the listed companies embarked on raising substantial capital on the Exchange, totalling N1.18 trillion, which underscores our commitment of facilitating strategic expansion.
“Over the last year, the brewery sector paid N29.3 billion in dividends and N39 billion in taxes. These have contributed to government revenue, supporting essential public services, infrastructure development and driving broader economic growth.
“In the face of ongoing economic headwinds, we recognize and commend the efforts of Champion Breweries board and management, in enhancing operations, promoting business, continuity and restoring investors’ confidence.
Their dedication to these goals reflects resilience, adaptability that are essential in today’s market environment.”