BY CHINENYE ANUFORO
Champion Breweries Plc has grown its turnover from N2.2 billion in 2013 to N3.3 billion in 2014 full year result.
The company, which has repositioned to attract credit, also returned to profitability during the year having generated a profit of N25.5 million as against a loss of N543.9 million declared for the previous year.
Chairman of the company, Chief Senas Ukpanah, who stated this in Lagos at the company’s 39th Annual General Meeting put its loss before tax at N1.07 billion from N1.73 billion recorded the previous year. This, according to him, was due to high impact of finance cost of N1.08 billion as against the previous figure of N1.18 billion.
Ukpanah commended shareholders for supporting the company’s last recapitalisation exercise, saying the N13.7 billion rights issue was successful as it was over-subscribed.
While lamenting the challenging economic environment under which the company operates, he said “despite the overall stagnating market, Champion Breweries was able to achieve operational profits as well as complete pay-off of its long-standing debts and reduced the interest burden carried over the years.”
Ukpanah, who expressed optimism on bright prospects for the company said “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 applauded the board’s effort and the turnaround plan being implemented for the company while appealing for more efforts by the company management to make Champion Lager Beer more competitive.
Source : SunOnline