NIGERIA – FrieslandCampina WAMCO, Nigeria’s leading dairy processor has announced a turnover of N161.83 billion (US$417.6m) for the financial year ended Dec. 31, 2019.
The turnover represented an increase of 8.5 per cent when compared with N149.16 billion (US$384.9m) registered in 2018.
Mr Ben Langat, Managing Director, FrieslandCampina WAMCO Nigeria, made this known at the company’s 47th Annual General Meeting held virtually and under strict adherence to government-approved COVID-19 protocols, including social distancing and restrictions on the maximum number of persons at a gathering.
The company posted a profit before tax of N18.75 billion (US$48.3m) against N16.31 billion (US$42m) posted in 2018, representing a 15 per cent increase.
During the year under review, the business environment remained challenging but the company was able to forge ahead, reports Nigeria News Agency.
“In spite of the headwinds, FrieslandCampina WAMCO played a leading role in Nigeria’s backward integration initiative led by the Central Bank of Nigeria (CBN) in the dairy sector,” Langat said.
Langat noted that the company activated its Dairy Development Programme (DDP) in Bobi Grazing Reserve, modelling 10 years success of the programme on a 10,000-hectare grazing reserve in Mariga Local Government Area of Niger.
The company inaugurated a state-of-the-art factory for the production of Yoghurt and introduced the new Peak Yoghurt Drink in three distinct flavours (Plain Sweetened, Strawberry and Orange) into the market, in line with its business plan.
Speaking on the company’s business outlook for 2020, Langat said that the Board of Directors and management of FrieslandCampina WAMCO remained positive and confident about the future of the company, in spite of the disruption caused by COVID-19 pandemic.
Langat said that the company would remain focused on its purpose of providing better nutrition and advocating healthy living.
He said that FrieslandCampina WAMCO would continue to actively engage consumers and pursue its backward integration for business sustainability.
Through the DDP the milk processor recently made huge strides recording an increase in fresh milk collection from farmers to hit an all-time high record of 40,000 litres of milk per day.
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