Champion Breweries Upbeat Amid Harsh Business Terrain

Gilbert Ekugbe

Champions Breweries Plc has expressed optimism in the Nigerian market despite the harsh terrain for doing business in the country.

In a statement, the company said going forward into 2024, it remains committed to navigating the dynamic business environment with resilience and strategic foresight.

The company’s Managing Director, Dr. Inalegwu Adoga, said its current theme, ‘Excellence, the New Frontier,’ encapsulates its commitment to business transformation through continuous improvements and innovation.

“By focusing on operational, quality, commercial, and brand excellence, we are chasing new frontiers of organisational excellence and driving our company forward in every aspect to stay competitive as a formidable market leader in our domain,” Adoga said.

The statement also announced the impressive financial performance and strategic milestones it achieved during the fiscal year in 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 revealed remarkable progress, with substantial gains across various financial metrics.

“Champion Breweries Plc experienced a significant surge in revenue, reaching N12.7 billion, propelled by robust market demand and strategic expansion initiatives.

“Furthermore, the company’s profit after tax surged to an impressive N1.58 billion, demonstrating its capability to generate sustainable profits and create value for stakeholders,” he noted.

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, Jacob announced a strategic acquisition that would further enhance the company’s market position and growth prospects.

He revealed that EnjoyCorp Limited, one of the leading holding companies in the food, beverage, and hospitality sectors, has acquired 100 per cent of Heineken B.V.’s shareholding in The Raysun Nigeria Company Limited, including an 86.5 per cent 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,” he added.