Adedapo Adesanya
By Adedapo Adesanya
FrieslandCampina WAMCO Nigeria marked an impressive 2019 with a five percent increase to record N12.4 billion in profit compared to N11.8 billion in the same period in 2018.
This was contained in the milk producing company audited financial statements for the full year 2019 sent to NASD Over-the-Counter (OTC) Securities Exchange.
The company also recorded 8.5 percent growth in its revenue for the year, raking in N161.8 billion compared to N149.2 billion during the previous year.
The company’s commercial and financial performance showed considerable improvement compared to the previous year despite the challenges faced in the operating environment.
FrieslandCampina recorded Profit Before Tax (PBT) increase of 15 percent at N18.8 billion as against N16.3 billion reported for the previous year.
Cost of sales as a percentage turnover improved to 75.3 percent in 2019 from 79.4 percent in 2018. The company’s operating overhead to turnover ratio increased to 3.4 percent from 2.9 percent in 2018.
The company said that this was due to inflation and rising cost impact and was partly mitigated by conscious drive to save cost.
The share capital, however, remained non-moving from the position it stood at N488.2 million while total equity rose 17 percent to N24.2 billion compared to N20.7 billion, while basic earnings rose 5 percent to N12.66 from N12.04 in the comparative period.
The company during the period declared an interim dividend of N2.68, a drop of 8 percent from N2.91 paid in 2018, but has proposed a final dividend of N6.81, higher than N6.36 paid at the preceding year.
If approved, the dividend recommended by the directors will be paid electronically on Friday June, 26 2020 to shareholders whose names are registered in the company’s register of members at the close of business on Thursday 21 May 2020 and who have completed the e-dividend registration.
The company’s 47th Annual General Meeting of members will be held at the FC Academy, at the Company’s Head Office, 7b Acme Road, Ogba Industrial Estate, Ikeja on Thursday, June 25 2020 at 11:00am.
The AGM will be streamed live online. This will enable shareholders and other relevant stakeholders who will not be attending the meeting physically to also be part of the proceedings. The link for the live streaming will be made available on the company’s website, www.frieslandcampina.com.ng and by the Registrars, in due course.
Overall, 2019 was a successful year for the company, considering the volatile and uncertain business environment.
The company delivered impressive volumes during the year through its brands. The result reflects a solid business and the strength of its operations, FrieslandCampina noted.
