VENTURES AFRICA - Despite economic and social challenges faced over the year, FrieslandCampina WAMCO Nigeria PLC, producers of Peak, Three Crowns and Friso brands, hit an additional four billion naira ($25,469,595.17 USD) profit at the end of last financial year.
The company recorded N9.9billion ($63,037,248.06 USD) Profit After Tax (PAT) for the year ended December 31, 2011, a stretch from N13.9 billion ($82,670,904.60 USD) recorded in 2010.
FrieslandCampina WAMCO recorded net sales of N104.9bn ($666,920,961.06 USD), which represented a 16 per cent rise. The company also successfully improved its position by growing its market share (value) from 45 per cent to 46 per cent. A statement signed by Mrs. Ore Famurewa, the company’s Corporate Affairs Manager, revealed, “Despite business interruption due to the devastating flood and the harsh economic environment, the commercial and financial performance of the company remained satisfactory.”
The statement also revealed that the Board of Directors proposed a dividend of N20.31 per N1.00 share (0.129314 per 0.00635922 less than $1 USD), which is equivalent to 100 per cent of the company’s PAT for the year under review. An interim dividend of N3.02 was paid in November 2011, while the shareholders approved a final dividend of N17.29 per N1.00 (less than $1USD) share during the annual general meeting.