FRIESLANDCAMPINA WAMCO Nigeria, producers of Peak and Three Crowns Milk, has announced a turnover of N161.83 billion for the financial year ended Dec. 31, 2019.
The turnover represented an increase of 8.5 per cent when compared with N149.16 billion over 2018.
FrieslandCampina WAMCO Nigeria, Managing Director, Mr Ben Langat, said on Thursday at the 47th Annual General Meeting of the company held virtually, that the company posted a profit before tax of N18.75 billion against N16.31 billion posted in 2018, representing a 15 per cent increase.
The shareholders unanimously approved a total dividend payout of N9.49 per 50k share, having paid an interim dividend of N2.68 per 50k share in November 2019; with a final dividend pay out of N6.81 per 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 (CBN) in the dairy sector,” the MD said.
He noted that the company activated its 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 State.
Langat said 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, in line with its business plan.
On the company’s business outlook for 2020, Langat said that the Board of Directors and management remained confident about the future of the company, in spite of the disruption caused by COVID-19 pandemic.
Langat said that the company would remain focussed on its purpose of providing better nutrition and advocating healthy living.
He said that FrieslandCampina WAMCO would continue to actively engage consumers and pursue its backward integration for business sustainability.