Champion Breweries’ market capitalisation rises to N32.9bn

Champion Breweries’ Market Capitalisation Rises To N32.9bn

Champion Breweries has experienced significant growth in market capitalization to N32.9 billion during the 2022 financial year, the company’s Chairman, Dr. Elijah Akpan has announced.

The company’s operating profit also rose to N2.3 billion during the period.

Speaking during the Champion Breweries Plc 47th Annual General Meeting held in Lagos, he said the success represents a remarkable increase and underscores the market’s recognition of its company’s value and potential. He also noted that the company’s continued journey towards profitability during the reporting year reflects in its positive performance across various financial indicators.

Read:  NGX admits Nova Merchant Bank N10 billion bond

“I am pleased to inform you that Champion Breweries experienced significant growth in market capitalization during 2022. At the end of the year, our market capitalization stood at N32.9 Billion, compared to N18.4 Billion at the end of the previous year” he said

Champion Breweries’ operating profit experienced significant growth, rising to N2.3 billion, with profit after tax increasing to N1.58 billion. This is attributable to a notable increase in revenue, with an additional N2.7 billion compared to the previous year.

“This growth in revenue reflects the successful execution of business strategies, market demand, and potentially expanding customer base. It also indicates improved operational efficiency, effective cost management and demonstrates the company’s ability to generate sustainable profits and create value for its stakeholders.” Dr Akpan stated

Read:  GTCO: Delivering stronger balance sheet, dividend payout

Looking ahead, he said the company anticipates a dynamic and evolving business environment in Nigeria.

“The recent fuel subsidy removal will have an adverse effect on consumer purchasing power.”

“As the subsidy is removed, the price of PMS may increase, putting additional pressure on consumers’ budgets and potentially affecting their ability to spend on other goods and services. We will remain proactive in navigating any uncertainties and leveraging opportunities to drive sustainable growth and value for our shareholders” he concluded

Read:  Hike in PMS prices, others jerk up petroleum marketing companies revenue by 47%


Related posts

Sanlam General Insurance boss Wins CEO Award


Naira crashes to N735 to dollar


NGX absorbs FGN bonds as capitalisation plunges by N2 billion


Union warns new owners of Polaris Bank against staff retrenchment


CBN, ICT as economic stimulant


Nigeria-Indonesia trade balance hits $4.7bn, as experts task manufacturers on tech.


Leave a Comment