WAMCO posts N62.2bn turnover, changes name

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Friesland Foods WAMCO Nigeria Plc, makers of popular Peak and Three Crowns milk brands, has declared a net sales turnover of N62.2bn for the financial year ended December 31, 2008.

 

A statement on Tuesday said the result, which was released at the company’s 36th annual general meeting, represented a 25.2 per cent increase over the N49.7bn declared in 2007.

 

The company‘s profit before tax increased by 19.8 per cent, up from N5.7bn in 2007 to N6.8bn in 2008 while profit after tax also increased by 21.1 per cent from N3.8bn to N4.6bn.

 

The statement added that having paid an interim dividend of N3.15 in November 2008, the company proposed a final dividend of N11.48 per ordinary share of N1.00 each to the shareholders, which was eventually approved, bringing the total dividend to N14.63 per N1.00 share.

 

The statement said despite the global increase in the prices of dairy raw materials and the sudden devaluation of the naira towards the end of 2008, the company‘s market share grew significantly in 2008, reinforcing its leadership position in the total dairy market in Nigeria.

 

The growth has been largely due to high consumer demand, inauguration of new and relevant products, continuous improvement in operations and network of distribution leading to increased accessibility of the products.

 

The statement added that the shareholders also commended the company for the initiative of adopting the solar technology for its corporate social responsibility community water project, saying that the step would increase the sustainability and efficiency of the projects.

 

The highpoint of the meeting was the unanimous adoption of the company‘s change of name from Friesland Foods WAMCO Nigeria Plc to FrieslandCampina WAMCO Nigeria Plc.  -Punchng

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