FrieslandCampina WAMCO reports N161.8 billion turnover at 47th AGM, Shares commitment to lead Dairy Development in Nigeria
Nigeria’s foremost dairy company, FrieslandCampina WAMCO Nigeria PLC, has announced a turnover of N161.8 billion at the 47th Annual General Meeting held at the FC Academy in the Company’s Head Office at Ikeja, Lagos, Thursday, 25 June 2020.
The meeting 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 Annual General Meeting (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.
At the meeting, FrieslandCampina WAMCO reported a turnover of N161.8 billion representing an 8.5% increase over 2018 and a Profit Before Tax (PBT) of N18.8billion, a 15% increase over previous year.
The shareholders unanimously 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.
According to the Managing Director, Mr. Ben Langat, “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 in the dairy sector.“
The Company activated its Dairy Development Programme (DDP) in Bobi Grazing Reserve, modeling its 10year success of the programme on a 10,000 hectare grazing reserve in Mariga local government area of Niger State.
In line with its business ambition, the Company commissioned a state-of-the-art factory for the production of yoghurt drink and introduced the new Peak Yoghurt Drink in three distinct flavors (Plain Sweetened, Strawberry and Orange) into the market.
Business Outlook 2020
The Board of directors and Management remain positive and confident about the future of the Company despite the current pandemic disruption. The Company will remain focused to its purpose of providing better nutrition and advocating healthy living. FrieslandCampina WAMCO will continue to actively engage consumers and pursue its backward integration for business sustainability.
The 47th Annual General Meeting adopted the Company’s financial statement for the year under review.