Top dairy company, FrieslandCampina WAMCO Nigeria PLC, makers of premium milk brands – Peak, Three Crowns, Coast, Nunu and Olympic has reported a turnover of N199.5 billion. This was announced at its 48th Annual General Meeting held Thursday in Lagos.
Speaking at the AGM, the Chairman, Mr. Moyo Ajekigbe, OFR said, “the challenging operating environment in 2020 notwithstanding, the Company’s commercial and financial performance for the year showed considerable improvement compared to the previous year. Turnover increased by 23% in 2020 to N199.5billion from N161.8billion in 2019. This was due to a combined effect of organic and inorganic growth following the acquisition of Nutricima’s dairy business. Profit Before Tax however decreased by 20.3% from N18.8 billion in 2019 to N14.9 billion in 2020 as a result of high input costs and naira devaluation impact.”
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The meeting was held in compliance with COVID-19 pandemic protocols, ensuring the health and safety of all stakeholders involved. The meeting was broadcast live for shareholders and other relevant stakeholders to participate in the proceedings in line with the “Guidelines on Holding of Annual General Meetings (AGM) of Public Companies Using Proxies” as established by the Corporate Affairs Commission.
All the resolutions submitted for shareholder approval were adopted, including the approval of a total dividend payout of N6.74 per N0.50 share.
As underlined by the Managing Director, Mr. Ben Langat, during his presentation on the financial results, “2020 was shaped by the Company’s continued focus on sustainable business processes. We leveraged our brands and superior commercial expertise to deliver impressive volumes during the year. FrieslandCampina WAMCO continues to be committed to nourishing Nigerians with quality dairy nutrition. Our Board and Management will continue to take necessary steps to ensure that the growth momentum is sustained.”
Explaining the Company’s response to COVID, Mr. Langat said, “From the very first signs of the Covid-19 pandemic, our Company defined three absolute priorities; protecting the health and safety of our employees; doing all that is necessary to ensure business continuity; and supporting Nigeria to manage through the crisis, therefore, a donation of N500 million was made to the COVID Relief Fund while over N100 million worth of products were donated to low income communities during the lockdown.”