FrieslandCampina WAMCO records N161.8b turnover

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FrieslandCampina WAMCO records N161.8b turnover  
July 3, 2020

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FrieslandCampina WAMCO

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FrieslandCampina WAMCO Nigeria Plc, producers of Peak and Three Crowns milk, has announced a turnover of N161.8 billion in 2019.

This represents 8.5 per cent increase over 2018 and a Profit Before Tax (PBT) of N18.8 billion, a 15 per cent increase over the previous year.

The robust turnover was declared at the company’s 47th Annual General Meeting (AGM) held at its Head Office at Ikeja, Lagos, during the week.

At the AGM, shareholders 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.

FrieslandCampina WAMCO Managing Director Mr. Ben Langat said in the year under review, the business environment remained challenging.

He, however, said 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.

Langat said the company 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.

In line with its business plan, the company inaugurated a state-of-the-art factory for producing yoghurt and introduced the new Peak Yoghurt Drink in three distinct flavours (Plain Sweetened, Strawberry and Orange) into the market.

The FrieslandCampina WAMCO boss stated that its Board and Management remain positive and confident about the company’s future despite the disruption by the current COVID-19 pandemic.

He added that the Company will remain focused on its purpose of providing better nutrition and advocating healthy living, as well as continually and actively engaging consumers and pursuing its backward integration for business sustainability.

The AGM 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.

As a result, the AGM was streamed live for shareholders and other relevant stakeholders to participate in the proceedings.

Shareholders were earlier invited to give their proxy to representatives published on the Proxy Form contained in the Company’s 2019 Annual Report, to act on their behalf.