FrieslandCampina WAMCO Nigeria Plc says it recorded a turnover of N120.3bn in 2013.
A statement from the company on Tuesday said the company disclosed this to shareholders at its 41st Annual General Meeting, which was held in Lagos.
The figure represents an 8.2 per cent increase on the N111.12bn it recorded in 2012.
In the year under review, the company said its financial standing remained positive as it overcame challenges posed by a tough operating environment to at it made a profit before tax of N19.31bn, while its profit after tax for the period stood at N13.07bn.
At the AGM, the company’s board of directors recommended a final dividend of N5.68 per ordinary share of 50 kobo each, having paid a first interim dividend equivalent of N5.20 per 50 kobo in August 2013 and a second interim dividend of N2.57 per ordinary share in November.
The company’s shareholders approved the recommended dividend, bringing the total dividend paid to N13.45 per ordinary share of 50 kobo for 2013, the statement explained.
At its 40th AGM, held last year, the company’s Board of Directors had recommended a total dividend payout of 100 per cent of the Company’s profit after tax for the 2012 financial year, which was the equivalent to N28.12 per N1.00 share.
On the outlook for 2014, the company observed that while the Nigerian economy was expected to grow at seven per cent, “the lingering challenges of insecurity, threats to oil production such as pipeline vandalisation and crude oil theft remain major downside risks to the economic outlook.”
It added, “The business environment is rapitdly changing due to factors such as globalisation and new entrants into the market place; changing buyer behavior, changing the nature of competition and price volatility in the global dairy market. However, FrieslandCampina WAMCO is poised to sustain its leadership position in the ever-changing business environment.”
This article originally appeared in the Punch
We were informed that the company did post a profit after tax of N13.7billion in 2013 thus the YoY drop in PAT is just 2%. It appears the company had a one for one stock split in 2013 as such the adjusted dividend paid out for 2012 would be about N14.06.
Thanks to Adeola Fadoju for this update.