Champion Breweries, which returned to profitability at the end of the 2014 financial year, has expressed confidence that it would continue to record growth.
The Chairman, Champion Breweries, Chief Senas Ukpanah, was quoted in a statement from the company as saying this at its Annual General Meeting in Lagos.
The company had recorded a turnover of N3.3bn in the 2014 financial year, 50 per cent higher than the N2.2bn turnover it posted for 2013.
This came after it repositioned its operations to attract credit. It also marked a return to profitability for the company as it made a profit of N25.5m compared to a loss of N543.9m the previous year.
Ukpanah commended shareholders for supporting the last recapitalisation exercise of the company, saying the N13.7bn rights issue was successful as it was over-subscribed.
Although he lamented the challenging economic environment in which the company had to operate, Ukpanah said, “Despite the overall stagnating market, Champion Breweries was able to achieve operational profits as well as complete the pay-off of its long-standing debts and reduce the interest burden carried over the years.”
On the prospects of the company, he was quoted as saying, “Our ship has set sail to navigate into greater heights and positive prospects. Strategies are being put in place to grow our dear brand – Champion Lager Beer – and significantly expand our markets within the South-South region in the incoming years.”
The shareholders commended the Board of Directors for the turnaround plan being implemented for the company while calling for increased efforts to make the company more competitive.
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Source : Punch