The management of leading dairy products manufacturers, FrieslandCampina WAMCO Nigeria Plc has traced its turnover jump of N140bn to “resilience and determination”.
Explaining more during its 45th Annual General Meeting held in Lagos, the Managing Director of the company, Mr. Ben Langat, disclosed that though 2017 was a challenging business year in all aspects, it managed to meet its targets by recording a 13.2 per cent increase in turnover from N123.75bn in 2016 to N140.08bn in 2017.
Whereas Profit before tax decreased by 20.6 per cent from N19.96bn to N15.86bn as a result of the fire incident that occurred in one of its milk factories, the company took the giant leap to procure two new sterilisers, a conveyor, two high speed sachet filling machines with improved technology, and a dust extractor system to optimise safety in its powder plant.
However, out of satisfaction on deliveries, shareholders unanimously approved a final dividend of N7.02 per ordinary share of N0.50, having paid an interim dividend of N2.20 per N0.50 share in October 2017, bringing the total dividend paid to N9.22 per N0.50 share in the year under review.
Langat further disclosed that part of the companies challenges in 2017 include foreign exchange constraints, high inflation rate and low consumer purchasing power were among challenges the firm was facing this year.
According to him, “We expect consumers to maintain their current spending behaviour of top-up neighbourhood shopping, particularly for milk. Availability and affordability will remain major determining factors in purchase decision making.
“FrieslandCampina WAMCO will continue to work within best global practices, leverage opportunities to invest and continue to satisfy our consumers as we maintain our leadership position in the dairy sector.”
