FrieslandCampina WAMCO accelerates growth, records N199.5 billion turnover in 2020 annual results
Top dairy company, FrieslandCampina WAMCO Nigeria Plc, makers of premium milk brands – Peak, Three Crowns, Coast, Nunu and Olympic has reported a turnover of N199.5 billion. This was announced at its 48th Annual General Meeting held Thursday, 6 May 2021, in Lagos.
Speaking at the AGM, the Chairman, Mr. Moyo Ajekigbe, OFR said, “the challenging operating environment in 2020 notwithstanding, the Company’s commercial and financial performance for the year showed considerable improvement compared to the previous year. Turnover increased by 23% in 2020 to N199.5billion from N161.8billion in 2019. This was due to a combined effect of organic and inorganic growth following the acquisition of Nutricima’s dairy business. Profit Before Tax however decreased by 20.3% from N18.8 billion in 2019 to N14.9 billion in 2020 as a result of high input costs and naira devaluation impact.”
The meeting was held in compliance with COVID-19 pandemic protocols, ensuring the health and safety of all stakeholders involved. The meeting was broadcast live for shareholders and other relevant stakeholders to participate in the proceedings in line with the “Guidelines on Holding of Annual General Meetings (AGM) of Public Companies Using Proxies” as established by the Corporate Affairs Commission.
All the resolutions submitted for shareholder approval were adopted, including the approval of a total dividend payout of N6.74 per N0.50 share.
As underlined by the Managing Director, Mr. Ben Langat, during his presentation on the financial results, “2020 was shaped by the Company’s continued focus on sustainable business processes. We leveraged our brands and superior commercial expertise to deliver impressive volumes during the year. FrieslandCampina WAMCO continues to be committed to nourishing Nigerians with quality dairy nutrition. Our Board and Management will continue to take necessary steps to ensure that the growth momentum is sustained.”
Explaining the Company’s response to COVID, Mr. Langat said, “From the very first signs of the Covid-19 pandemic, our Company defined three absolute priorities; protecting the health and safety of our employees; doing all that is necessary to ensure business continuity; and supporting Nigeria to manage through the crisis, therefore, a donation of N500 million was made to the COVID Relief Fund while over N100 million worth of products were donated to low income communities during the lockdown.”
Growth and Business Outlook 2021
Following its expansion drive, FrieslandCampina WAMCO acquired Nutricima factory in Ikorodu during the year under review. The acquisition underlines FrieslandCampina WAMCO’s continued commitment to contribute to the development of the Nigerian dairy sector and satisfies the need for additional production capacity for FrieslandCampina WAMCO to meet the growing consumer demand for locally produced dairy.
Under its backward integration strategy, the business aggressively expanded its activities to
strengthen the dairy value chain in Nigeria. Significant to this was the establishment of the Centre for Nigerian Dutch Dairy Development, Nigeria’s first national expertise Centre for dairy, committed to unlocking and developing home-grown dairy expertise across the value chain. The business also established the Value4Dairy Consortium, a formidable partnership of FrieslandCampina WAMCO, URUS, Barenbrug and Agrifirm, committed to accelerate self-sufficiency in Nigeria’s dairy sector.
A look at Q1 2021 activities indicates continued economic headwinds in a volatile and uncertain business environment. However, FrieslandCampina WAMCO remains positive about the future of its business in Nigeria. The business is confident that our brands, which are well known, will continue to grow on the back of our strong business fundamentals and unique route-to-market strategy to achieve our business ambition.
About FrieslandCampina WAMCO Nigeria Plc
FrieslandCampina WAMCO Nigeria Plc has been a necessary part of most Nigerian homes since 1954 through its iconic brand Peak Milk. Our Company is a multinational manufacturing company and an affiliate of Royal FrieslandCampina of The Netherlands, one of the largest dairy cooperatives in the world. We are the makers of Peak, Three Crowns, Coast, Olympic and Nunu brands of milk in Nigeria. Guided by an inspiring mission, Nourishing Nigeria with quality dairy nutrition, we are unwavering in the provision of quality, nutritious milk products to Nigerians. To further increase its local content and support Federal Government’s initiative to grow the Agriculture sector, FrieslandCampina WAMCO pioneered the Dairy Development Programme (DDP) in August 2010 in Nigeria. This is gradually developing into a full national program as the Company is dedicated to making the initiative a success by ensuring the transfer of Technology Know-How on milk production to Nigerian farmers. The Company plans to further train and consult with farmers, with the support of the Government and other key partners.
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From left, Managing Director, Mr. Ben Langat; Chairman Board of Directors, Mr. Moyo Ajekigbe, OFR; Company Secretary/Legal Adviser, Mrs. Olubukunola Olateru and Executive Director Finance, Mr. Marc Galjaard, at the 48th Annual General Meeting of FrieslandCampina WAMCO Nigeria Plc held in Lagos Thursday May 6, 2021
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From left, Executive Director, Corporate Affairs, Mrs. Ore Famurewa; Managing Director, Mr. Ben Langat; Chairman Board of Directors, Mr. Moyo Ajekigbe, OFR and Company Secretary/Legal Adviser, Mrs. Olubukunola Olateru at the 48th Annual General Meeting of FrieslandCampina WAMCO Nigeria Plc held in Lagos Thursday May 6, 2021
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From left, Non-Executive Director, Mr. Peter Eshikena; Executive Director, Corporate Affairs, Mrs. Ore Famurewa; Managing Director, Mr. Ben Langat; Chairman Board of Directors, Mr. Moyo Ajekigbe, OFR; Company Secretary/Legal Adviser, Mrs. Olubukunola Olateru; Executive Director Finance, Mr. Marc Galjaard and Non-Executive Director, Rev. Isaac Agoye at the 48th Annual General Meeting of FrieslandCampina WAMCO Nigeria PLC held in Lagos Thursday May 6, 2021
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From left, Executive Director, Corporate Affairs, Mrs. Ore Famurewa; Managing Director, Mr. Ben Langat; Chairman Board of Directors, Mr. Moyo Ajekigbe, OFR; Company Secretary/Legal Adviser, Mrs. Olubukunola Olateru and Executive Director Finance, Mr. Marc Galjaard at the 48th Annual General Meeting of FrieslandCampina WAMCO Nigeria Plc held in Lagos Thursday May 6, 2021
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From left, Executive Director, Corporate Affairs, Mrs. Ore Famurewa; Managing Director, Mr. Ben Langat; Chairman Board of Directors, Mr. Moyo Ajekigbe, OFR and Executive Director Finance, Mr. Marc Galjaard at the 48th Annual General Meeting of FrieslandCampina WAMCO Nigeria Plc held in Lagos Thursday May 6, 2021
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From left, Executive Director, Corporate Affairs, Mrs. Ore Famurewa; Managing Director, Mr. Ben Langat; Chairman Board of Directors, Mr. Moyo Ajekigbe, OFR; Member Audit Committee, Sir Sunny Nwosu and Executive Director Finance, Mr. Marc Galjaard at the 48th Annual General Meeting of FrieslandCampina WAMCO Nigeria Plc held in Lagos Thursday May 6, 2021
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