FrieslandCampina WAMCO Grows Revenues, Pays ₦9.49 Dividend in 2019
FrieslandCampina WAMCO Nigeria, producers of Peak and Three Crowns Milk, has announced a turnover of ₦161.83 billion for the financial year 2019.
This represents an increase of 8.5% year on year growth when compared with ₦149.16 billion reported in 2018.
On each share, total dividend paid to shareholders was ₦9.49, comprises interim and final dividend for the year.
Ben Langat, Managing Director, FrieslandCampina WAMCO Nigeria, made this known on Thursday at the 47th Annual General Meeting of the company held virtually.
Langat said that the company posted a profit before tax of ₦18.75 billion against ₦16.31 billion posted in 2018, representing a 15% increase.
The shareholders unanimously approved a total dividend payout of ₦9.49 per 50k share, having paid an interim dividend of ₦2.68 per 50k share in November 2019; with a final dividend payout of N6.81 per share.
“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 (CBN) in the dairy sector,” Langat said.
He noted that the company activated its Dairy Development Programme (DDP) in Bobi Grazing Reserve, modeling 10 years success of the programme on a 10,000-hectare grazing reserve in Mariga Local Government Area of Niger.
Langat said 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.
FrieslandCampina WAMCO Grows Revenues, Pays ₦9.49 dividend in 2019