FrieslandCampina WAMCO Nigeria Plc has reported a turnover of N324.7 billion for the financial year ended December 31, 2022.
The company stated this at its 50th annual general meeting(AGM held in Lagos. FrieslandCampina WAMCO recorded a growth in net sales due to a focus on revenue growth management. However, there was a drop in volume which was mainly a result of high inflation and a reduction in the overall consumer purchasing power.
Turnover increased by 21 per cent from N268.4 billion in 2021 to N324.7 billion in 2022. 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.
Managing director, FrieslandCampina WAMCO Nigeria, Ben Langat said: “to mitigate the extremely difficult global economic challenges coupled with unprecedented inflationary pressures witnessed in 2022, we upscaled our commercial execution with relentless focus on Revenue Growth Management and redistribution initiatives to stay agile and competitive.”
He added that, “we made investments in our brands via diverse initiatives, optimizing market spend with an increased focus on physical availability. Leveraging our strong brands and superior commercial expertise has helped to sustain our leadership position and deliver significant top-line growth.
“Aside the afore-mentioned metrics, I am proud of several achievements in the year under review that supported our stability and performance. These include but are not limited to the launch of Peak Yoghurt 1L pack and successful brand activations like the annual Three Crowns mum of the year campaign.
“We also introduced Nunu yoghurt, Nigeria’s first drinking yoghurt made from 100 per centlocally sourced milk and produced in a unique mobile factory, also the first of its kind in Nigeria. This is yet another success recorded in the actualization of our sustainability and backward integration plans in support of the dairy development policy of the federal government.
“Several awards and recognitions were also received for the Company’s excellence in marketing, safety, quality and manufacturing. These external (and global) recognitions are a validation of our operational excellence and continuous improvement culture in the face of the tough business climate.”
He noted that, “we will continue to innovate and drive accessibility to our portfolio by incorporating more local content to drive more competitiveness in the market. We remain committed to delivering quality, affordable and accessible nutrition to millions of Nigerian homes and to building a more productive and sustainable future in Nigeria.”
Chairman of the company, Moyo Ajekigbe said: “the success achieved in 2022 was the result of concerted efforts from various stakeholders. In accordance with the Company’s dividend policy, the board of directors proposed a total dividend payout of N2.93 per share.”
On outlook, FrieslandCampina WAMCO noted that, “the board and management remain confident about the future of Nigeria and will continue to invest in the country.”
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