Faro Water records N4.5bn turnover in 2016

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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.

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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.

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