FrieslandCampina WAMCO Nigeria Plc has announced a turnover of N123.75 billion for 2016 despite the decline in economic activities and increased pressure on the Naira. This represented 2.5 per cent increase from the N120.72 billion turnover in 2015.
The company’s Profit Before Tax (PBT), however, increased by 7.2 per cent from N18.62 billion to N19.96 billion as a result of the twin impact of the modest growth in turnover and significant reduction in administrative costs.
The shareholders approved the Board’s proposal of a total dividend pay-out of 75 per for the year under review, which is equivalent to N10.65 per N0.50 share. An interim dividend of N2.95 per N0.50 share was paid in November 2016, and a final dividend of N7.70 per N0.50 share was approved.
Speaking at its 44th Annual General Meeting (AGM) in Lagos, the Chairman, FrieslandCampina WAMCO Nigeria, Mr. Jacobs Moyo Ajekigbe, attributed the company’s satisfactory operating result and performance to new investments in human capital development and facility improvements.
He said though 2016 was a challenging year due to the prevailing economic climate, which impacted on the cost of production, raw and packaging materials sourcing, the company recorded remarkable achievements in operational efficiencies, cost management and improved productivity across the supply chain systems.
Ajekigbe said: “The company made tremendous progress in its journey of continuous improvement in quality, ensuring that the high quality of its products is maintained throughout the value chain from grass to glass. This laudable pursuit was given credence in the course of the year with the achievement of Food Safety Systems Certification (FSSC) 22001.”
FrieslandCampina WAMCO held its position in the market during the year by raising the bar in distribution with extensive distribution network and coverage of sales outlets.