Nigeria’s leading dairy processor, FrieslandCampina WAMCO, has announced a turnover of N161.83 billion (US$417.6m) for the financial year ended Dec. 31, 2019.
This was made known by Mr Ben Langat, Managing Director, FrieslandCampina WAMCO Nigeria, at the company’s 47th Annual General Meeting held virtually and under strict adherence to government-approved COVID-19 protocols, including social distancing and restrictions on the maximum number of persons at a gathering.
The company said the turnover of N161.8bn represented an 8.5 per cent increase over what was recorded in 2018.
It reported a profit before tax of N18.8bn, rising by 15 per cent compared to the previous year.
The shareholders approved a total dividend payment of N9.49 per N0.50 share, comprising an interim dividend of N2.68 per N0.50 share paid in November 2019 and a final dividend of N6.81 per N0.50 share.
The Managing Director, FrieslandCampina WAMCO, Mr Ben Langat, said the firm was able to forge ahead despite the challenging environment.
“In the year under review, the business environment remained challenging. In spite of the headwinds, FrieslandCampina WAMCO played a leading role in Nigeria’s backward integration initiative led by the Central Bank of Nigeria in the dairy sector,” he said.
According to the statement, the company activated its Dairy Development Programme in Bobi Grazing Reserve, modelling its 10-year success of the programme on a 10,000-hectare grazing reserve in Mariga Local Government Area of Niger State.
“In line with its business plan, the company inaugurated a state-of-the-art factory for the production of yoghurt and introduced the new Peak Yoghurt Drink in three distinct flavours (Plain Sweetened, Strawberry and Orange) into the market,” it said.
The company said its board of directors and management remained positive and confident about its future despite the disruption by the current pandemic.
It added, “The company will remain focused on its purpose of providing better nutrition and advocating healthy living.
“FrieslandCampina WAMCO will continue to actively engage consumers and pursue its backward integration for business sustainability.”