With dairy firms embracing backward integration, some operators like FrieslandCampina WAMCO Nigeria PLC, have said the government’s initiative has continued to strengthen operators’ resolve about business sustainability.
Announcing a turnover of N161.8 billion at its yearly general meeting in Lagos, the firm said it remains positive and confident about the future of the Company despite the disruption by the current pandemic.
It added that it remains focused on its purpose of providing better nutrition and advocating healthy living, while continuing to actively engage consumers and pursue its backward integration for business sustainability.
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 pay-out 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 pay-out of N6.81 per N0.50 share.
Speaking, the Managing Director, Ben Langat, said: “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, modelling 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 the production of yoghurt and introduced the new Peak Yoghurt Drink in three distinct flavours (Plain Sweetened, Strawberry and Orange) into the market.
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