Samba Foods Limited, Ghana’s food processor and preservation business have reported 117% sale revenue of 2016 receipts for the 2017 financial year, reported GNA.
Speaking at the company’s annual general meeting, Mrs Leticia Osafo-Addo, Managing Director, told shareholders that the year 2017, though a tough one for industries, in general, proved to be quite exciting one for Samba foods.
Good performance was driven by price stability for amenities like electricity and also water supply had improved impacting positively on food processors’ operations, where water is a vital component in processing.
During the period, extreme currency fluctuations which impacted negatively on their imports stabilized but intense price competition in the industries-food processing including raw materials weighed down on results.
According to her, other government incentives like tax rebates had not translated into their operations but this was expected to happen in the near future.
“We are now out-growing our current facility due to the newly installed production lines and increased production levels.
There is the need to relocate to the company’s own industrial site, where a multi-purpose factory will be built,” she said.
Commenting on the results, Mr Charles Tetteh Darko, Chairman, said the company would always conduct business in a socially responsible manner and support the sustainable development of its host communities.
“As a company, our strong belief in compliance of the law and regulations is paramount, adopting transparent systems, safeguarding the interest of all stakeholders and creating an environment of trust and confidence, by means of transparency and timely disclosure of information,” he said.
In order to create unmatched service levels to sustain customer satisfaction and retention, Mr Darko said the company was growing a strong relationship with research institutions and vendors.