FrieslandCampina WAMCO Nigeria PLC, the foremost diary company in Nigeria and producers of Peak and Three Crowns milk has announced a turnover of 161.8 billion naira, an 8.5 percent increase with profit before tax of 18.8billion naira, which represents 15 percent over previous year.
These figures were released at the 47th Annual General Meeting held at the FC Academy in the Company’s Head Office, Ikeja, Lagos.
The meeting was held in strict adherence to government-approved COVID-19 protocols, including social distancing and restrictions on the maximum number of persons at a gathering.
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.
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.
Managing Director, Mr. Ben Langat stated, “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.
He disclosed that 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.