FrieslandCampina WAMCO pledges to expand Nigeria’s dairy capacity as revenue rises 9%
…commissions factory for yoghurt production
Dairy maker FrieslandCampina WAMCO has pledged to raise Nigeria’s milk capacity to ensure that Africa’s largest economy achieves self-sufficiency in the industry.
The makers of Peak and Three Crowns milk announced a turnover of N161.8 billion at the 47th annual general meeting (AGM) held at the FC Academy in the company’s head office in Lagos, last Thursday.
The meeting was held under strict adherence to government-approved COVID-19 protocols, including social distancing and restrictions on the maximum number of persons at a gathering.
At the meeting, FrieslandCampina WAMCO reported a turnover of N161.8 billion, representing an 8.5 percent increase over 2018 and a profit before tax (PBT) of N18.8billion, a 15 percent increase over previous year.
The shareholders unanimously approved a total dividend payout of N9.49 per N0.50, having paid an interim dividend of N2.68 per N0.50 share in November 2019 and a final dividend payout of N6.81 per N0.50 share.
“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,“ Ben Langat, managing director, FrieslandCampina WAMCO, said in a statement sent to BusinessDay.
The company has activated its Dairy Development Programme (DDP) in Bobi Grazing Reserve, modeling its 10-year success of the programme on a 10,000-hectare grazing reserve in Mariga local government area of Niger State.
Also, in line with its business plan, the company has commissioned a 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.
According to the statement, the board of directors and management of FrieslandCampina WAMCO remain positive and confident about the future of the company despite the disruption by the current pandemic.
The company will remain focused on its purpose of providing better nutrition and advocating healthy living and will continue to actively engage consumers and pursue its backward integration for business sustainability, the statement further said.
The 47th AGM adopted the company’s financial statement for the year under review.