FrieslandCampina WAMCO Nigeria, has announced a profit before tax of N18.75 billion for the financial year ended Dec. 31, 2019.
This represents a 15 per cent increase from the N16.31 billion posted in 2018.
The producers of Peak and Three Crowns Milk also announced a turnover of N161.83 billion for the year, 8.5% up from the N149.16 billion declared in 2018.
Mr Ben Langat, Managing Director, FrieslandCampina WAMCO Nigeria, announced this on Thursday at the 47th Annual General Meeting of the company held virtually.
NAN reports that the shareholders unanimously approved a total dividend payout of N9.49 per 50k share. This sums up the interim dividend of N2.68 per 50k share in November 2019; with a final dividend payout of N6.81 per share.
Langat stated that the company pushed through the challenging business environment during the year, coming up with several innovations to stay profitable.
“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 (CBN) in the dairy sector,” Langat said.
He stated further that the company has activated it Dairy Development Programme (DDP) in Bobi Grazing Reserve, modeling 10 years success of the programme on a 10,000-hectare grazing reserve in Mariga Local Government Area of Niger, and also 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, in line with its business plan.
He promised that the company would continue to focus on providing better nutrition and advocating healthy living, as well as pursuing its backward integration for business sustainability.
On the company’s business outlook for 2020, Langat said that the Board of Directors and management of FrieslandCampina WAMCO remained positive and confident about the future of the company, in spite of the challenges caused by COVID-19 pandemic.