Heineken extends dominance in Nigeria’s beer market by raising stake in Champion Breweries to 84.7%

NIGERIA – Multinational brewing company Heineken has raised its ownership in Champion Breweries with acquisition of 1,903,609,538 ordinary shares at a price of N2.6 per share through its wholly owned subsidiary, Raysun Nigeria Limited. The recent acquisition of shares worth N4.959 billion (US$12.5m), representing 24.3% stake in the local brewery has raised the ownership of Raysun to 84.7%, giving it a leverage to launch a takeover bid. This was revealed in a filing to the Nigerian Stock Exchange on January 7th, 2021. The transaction will help broaden Heineken’s dominance beyond…

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Champion Breweries reports 12% decline in half year revenue impacted by COVID-19

NIGERIA – Champion Breweries Plc, producer and marketer of alcoholic and non-alcoholic beverages in Nigeria has reported a loss after tax of N18.29m (US$47,383) for the half year ended June 30, 2020 as against a profit of N99.11m (US$256,761) posted in the same period in 2019. According to the unaudited financial accounts obtained from the Nigerian Stock Exchange, the brewer also recorded a loss before tax of N26.09m (US$67,590), compared to a pretax profit of N141.41m (US$366,347) posted in 2019. Its revenue dropped 12.24 per cent to N1.427bn (US$3.69m) during…

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Champion Breweries reports profit growth driven by surge in sales

NIGERIA – Champion Breweries Plc, producer and marketer of alcoholic and non-alcoholic beverages in Nigeria reported strong profit growth for the full year 2019. The company’s profit rose to N169m (US$0.4m) from a loss of N264m (US$0.7m)in the previous year, driven by a 45% rise in revenue. Gross profit jumped by 62% to N1.92bn (US$5.1m) reflecting the strong revenue growth. Selling and distribution expenses surged by 47% to N778m (US$2.1m) which helped boost revenue and profit compared to the US$1.47m recorded in 2018. The brewing company recently announced the appointment…

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Champion Breweries appoints Georgios Polymenakos as new Managing Director

NIGERIA – Champion Breweries Plc, a producer and marketer of alcoholic and non-alcoholic beverages in Nigeria has appointed Mr Georgios I. Polymenakos as its new Managing Director effective January 6, 2020. The appointment follows the resignation of Mr Patrick Ejidoh as Managing Director, who reached retirement age after 32 years of an illustrious career with Nigerian Breweries Plc. Mr Ejidoh is credited with ushering the company into the path of growth and profitability. According to a statement signed by the company’s chairman, Dr. Elijah Akpan, said that Mr Polymenakos was…

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Champ Malta producer Champion Breweries profits fall 7% on rising costs

NIGERIA – Champion Breweries plc, Akwa Ibom based producer of Champion lager beer and Champ Malta has recorded 6.53% decline in profit to US$223,102.93 for the half year ended June 2018 from US$238,345.99 in 2017. According to Beverage Industry news, the decline was blamed on rising cost of selling and distribution expenses, which rose 95% in the period to US$961,698.36 especially in the second quarter when selling and distribution costs skyrocketed 127% to US$626,351.09. Revenue declined marginally in the period by 4% to US$2.91 million from US$3.32 million in the…

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