Champion Breweries announces N21 billion earnings

Champion Breweries Plc has announced a revenue performance of N21 billion in 2024, indicating an increase of 64.5 per cent from the previous year.

The company’s Managing Director, Inalegwu Adoga, disclosed this to reporters at Bae Arena, a relaxation centre in Uyo, Akwa Ibom State, on Monday.

Mr Adoga said the figure shows that the company’s profit after tax increased by 121 per cent.

“Our shareholder equity almost increased by over N1bn. Our earnings per share increased from N5.10k to N9.00 to give you a sense of our financial performance. Last year was very good for us, and this has not happened before,” said Mr Adoga, according to Punch newspaper’s report.

He said the company is growing into a dominant force in the beverage industry while reinforcing its deep connection with the people of Akwa Ibom, its operational base.

“It’s necessary to make a statement of dominance as we elevate our game and optimise our momentum,” he said, explaining that the “Drink & Win Bar Activation Promo was the company’s way of consolidating on its home market and the importance of maintaining visibility and dominance in Akwa Ibom.”

Mr Adoga said the event was the beginning of a series of mega activations, noting that the initiative will be extended to other selling districts within the state to deepen brand visibility and consumer engagement.

He described one of its brands, Champion Lager Beer, as the official beverage of Akwa Ibom State and expressed appreciation to customers for their support. He also announced that the can formats are in the market.

‘We are going green and solar’

At the event, Mr Adoga told reporters that his company was “going green,” a term that referred to lifestyle and practices that minimise environmental impact but promote sustainability.

“May I officially announce that we are also going solar and green soon because of our eco-friendly core values and care for Mother Earth. While it is no brainer that going solar will cut the cost of our production, our primary objective is to sufficiently decarbonise our operations because it is the right thing to do to curtail environmental pollution and save planet earth for generations to come,” he said.

Champion Breweries Plc, incorporated in July 1974, is 50 years old in the competitive Nigeria brewing industry.

The company has strived to maintain dominance in Akwa Ibom, its operational base, producing five products including Champion Lager Beer with Ginger Extract, Champ Malta, and Champ Malt with Tiger nut.