Adama Beverages Limited, producers of Faro Water, has recorded N4.6 billion turn over in 2016.
The chairman of the company’s board of directors, Akin Kekere-Akun, stated this at the Annual General Meeting held yesterday in Yola.
“For the year 2016, your company achieved a turnover of N4.5 billion against N3.8 billion recorded in the previous year 2015. This represents 16% growth in turnover. This growth notwithstanding, the bottom line profit after tax was in the negative,” he stated.
He noted that the development was attributable to the on going expansion project that would see the installation of new plant with capacity to produce 40,000 bottles per hour.
Akun said the company had devised proactive measures which include direct importation of some raw materials to reduce cost and the purchase of trucks to reduce over-dependance on commercial trucks to improve the fortunes of the company.