WAMCO reports N324.7bn revenue, N13.5bn in 2022

Dutch dairy company, FrieslandCampina WAMCO Nigeria, has announced a turnover of N324.7 billion for the financial year ended December 31, 2022.

Ben Langat, Managing Director, FrieslandCampina WAMCO Nigeria Plc and Sub-Saharan Africa Cluster made this known in a statement by Mrs Ore Famurewa, Executive Director, Corporate Affairs of the company on Thursday in Lagos.

Langat said that turnover increased by 21 per cent from N268.4 billion in 2021 to N324.7 billion in 2022.

He said that profit before tax increased by six per cent from N12.7 billion in 2021 to N13.5 billion in 2022, due to lower finance costs and cost management measures.

The managing director said that the company recorded a growth in net sales due to focus on revenue growth management.

He, however, said there was a drop in volume which was as a result of high inflation and decline in the overall consumer purchasing power.

He noted that the shareholders unanimously approved a total dividend payout of N2.93 per 50k ordinary share.

According to him, as no interim dividend is paid in 2022, a final cash dividend payout of N2.93 per 50k share was approved by the shareholders.

Langat said other achievements that supported the company’s stability and performance included launch of Peak Yoghurt one litre pack and successful brand activations like the annual Three Crowns mum of the year campaign.

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“The company also introduced Nunu Yoghurt, made from 100 per cent locally sourced milk and produced in a unique mobile factory, which is the first of its kind in Nigeria,’” he stated.

The company boss described it as another success recorded in the actualisation of its sustainability and backward integration plans in support of the Federal Government’s dairy development policy.

He said that several awards and recognitions were also received for the company’s excellence in marketing, safety, quality and manufacturing.

Langat, however, said in spite the expected difficulties and challenges in the business environment, the board and management remain confident about the future of Nigeria and would continue to invest in the country.

“We strongly believe that our company’s brands, which are leaders in the dairy sector will continue to grow on the back of innovation and our robust route-to-market,” he said.

The Star