WorldStage Newsonline– Champion Breweries Plc has announced plans to address its Nigerian Exchange Ltd.,(NGX) free-float deficiency by issuing new shares to the public in the first quarter of 2025.
Speaking at the company’s “Facts Behind the Figures Presentation” at the NGX in Lagos, the Managing Director, Dr Inalegwu Adoga said, “This initiative is expected to bolster the company’s infrastructure and enhance its production capacity, enabling it to meet the growing demand for its products.”
He assured shareholders and the entire capital market community of enhanced dividends in spite of tough operating environment.
He said that the company’s focus remained on returning value to shareholders, saying the company had embarked on successful implementation of cost-saving measures, including shift to renewable energy and localisation of supply chains to enhance profitability.
Adoga said the company would prioritise action on renewable energy solutions by investing in progressive decarbonisation of its business.
He added that the company would reduce cost profile to remain competitive in the industry, saying that it was the only listed Nigerian brewery brand that reported profit in 2023 financial year.
He said the company would drive revenue growth through market expansion and deliver superior growth by increasing customer centricity.
Adoga added that the company would develop capabilities and a dynamic succession plan to attract and retain top talents.
According to him, the mission of the company is to become the undisputed market leader in beer and malt in the South South and South East.
Adoga said that most of the company’s suppliers were Nigerians and would be paid in local currency, thereby eliminating foreign exchange pressure.
He said the company had shown resilience in the past 50 years of operation while positioning itself for long-term growth and sustainability.
“Our nine months 2024 performance reflects our ability to adapt and grow in a challenging environment.
“We are confident that our investments in operational efficiency, renewable energy, and market expansion will position us for even greater success in the coming years,” he said.
According to him, Champion Breweries remains the only Nigerian-owned brewery listed on the NGX.
He added that the company had a track record of profitability and operational resilience.
Adoga said that Champion Breweries reported a revenue growth of 68 per cent, reaching N14.02 billion in nine months of 2024, compared to the corresponding period in 2023.
He said that in spite of the macro-economic challenges, including the impact of foreign exchange losses that resulted in a pre-tax profit of N178 million, the company remained resilient, having fully settled its foreign liabilities in nine months of 2024 to mitigate foreign exchange volatility.
Mr Imo-Abasi Jacob, Chairman of the Board of Champion Breweries, expressed confidence in the company’s strategic direction.
He said that the company had demonstrated resilience and commitment to its shareholders and stakeholders in spite of challenging economic conditions.
“Our focus on operational efficiency, cost reduction and market expansion reflects our determination to deliver sustainable value and growth.
“We are confident that, with our renewed leadership and strategic initiatives, Champion will continue to thrive as a significant player in Nigeria’s beverage industry,” Jacob said.
The event also highlighted the company’s new strategic direction under the core ownership of EnjoyCorp Ltd., which Managing Director, Mr David Butler, serves as a Director on Champion’s board.
Butler said that EnjoyCorp’s industry expertise and operational insights had driven transformative initiatives within Champion Breweries, with a focus on cost management, market expansion and customer-centric innovations.
Mr Jude Chiemeka, the Chief Executive Officer of NGX, emphasised the role of NGX in supporting corporate growth and innovation.
Chiemeka said that NGX would continue to support listed companies.
Champion Breweries Plc., founded in 1974, is a key player in Nigeria’s brewing industry.
