Despite the devastating impact of Covid-19 on Nigeria’s economy in the year 2020, Champion Breweries Plc, a leading brewer in Nigeria, recorded 102 percent increase in its profit before tax.
PBT, which tells a lot about a firm’s efficiency, increased to N418.16 million for the year ended 31St December 2020 from N206.58 million recorded for the year 2019.
The company’s annual reports also show a 1.8 percent increase in revenue generation to N7.05 billion for the year ended 31st December 2020 from N6.93 billion for the year 2019. Operating profit for the business also increased 91 percent to N461.36 million from N241.48 million recorded in 2019.
Commenting on the results at the Annual General Meeting of the company, the Chairman, Elijah Akpan said even in the middle of the pandemic which led to closure of businesses across the nation, Champion Breweries has remained focused in dominating the market and breaking into new bounds within the South- South region.
According to Akpan, the year 2020 was a challenging year that witnessed a widespread lockdown in Nigeria and all over the world, a year Nigeria economy reported negative growth balance and the buying power of the populace dwindled beyond projection. The consequence of this, according to him, has led to closure of many businesses and rise in unemployment. He said Champion Breweries thrived through the year because it is committed to its values of passion for quality and drive for performance.
The Chairman expressed optimism for the year 2021 and assured shareholders of good returns on their investment. He said Gross Domestic Product is expected to grow some 2 percent because of increased economic activities across the nation, compared to the contraction of 1.92 percent recorded last year.
He added that the Board of the company remains resilient to achieve the required investment for the replacement and upgrade of the company’s machinery to increase the production and sales of her newly expanded brand portfolios.