FrieslandCampina WAMCO’s profit hits N16.3b despite low consumer spending

FrieslandCampina WAMCO Nigeria Plc has recorded a turnover of N149.2bln signifying a 6 percent increase over 2017 with N140.1bln; while profit before income tax increased by 3% from N15.9 billion reported in the previous year to N16.3 billion.

The result was announced at the company’s 46th yearly general meeting held in Lagos.

The Shareholders approved a total dividend payout of N9.27 per N0.50, having paid an interim dividend of N2.91 per N0.50 share in October 2018; and a final dividend payout of N6.36 per N0.50 share.

Although businesses generally experienced low consumer spending during the year under review, FrieslandCampina WAMCO explained that it recorded significant commercial and financial improvement compared to 2017, recording impressive volumes through its brands.

Observing the Company’s performance, the shareholders commended its Board and Management for a creditable performance noting that the 2018 result reflected a solid business and the strength of its operations.

At the meeting, the company also declared major milestones in its Dairy Development Programme, which included construction of additional milk collection points to support milk collection; investment in milk trucks and farm machinery; and the establishment of four dairy cooperatives.

In his statement to the media on the company’s Q1 performance and outlook for 2019, Ben Langat, the managing director, said: “FrieslandCampina WAMCO delivered a strong result in Q1 2019 with 10% topline sales growth vs Q1 2018. As a company, we remain positive and confident about the future”.

“We are assured that our brands which are leading in the market will continue to grow. We will sustain the current initiatives that have proven to be effective and develop innovation that consolidates our market leadership to meet the everyday needs of our customers and consumers.”