50th AGM: FrieslandCampina WAMCO Records 21% Growth, Announces N324.7 Billion Revenue in 2022
FrieslandCampina WAMCO Nigeria PLC, the nation’s foremost dairy organization and makers of Peak, Three Crowns, Coast, Olympic and Nunu milk brands has reported a turnover of N324.7 billion for the financial year ended 31 December 2022. This was announced at its 50th Annual General Meeting, which held on Tuesday, 9 May 2023 at the Sheraton Hotel, Lagos.
by 21% from N268.4 billion in 2021 to N324.7 billion in 2022. Profit Before Tax (PBT) increased by 6% from N12.7 billion in 2021 to N13.5 billion in 2022 due to lower finance costs and cost management measures.
“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. 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.
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% locally 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 of Nigeria. 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.
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.”
Moyo Ajekigbe, OFR, Chairman, Board of Directors “The success achieved in 2022 was the result of concerted efforts from various
stakeholders, and I would like to thank the Management Team for their focused
leadership, hard work and resilience; and my colleagues on the Board for their valuable
insights, counsel and teamwork during the last financial year.
after the last Annual General Meeting, Mrs. Audrey Joe-Ezigbo was appointed as an
Independent Non-Executive Director on 1st December 2022. We welcome Mrs. Audrey
Joe- Ezigbo to our Company and look forward to her valuable contributions.
total dividend payout of N2.93 per N 0.50 ordinary share. No interim dividend was paid in 2022 and a final cash dividend payout of N2.93 per N 0.50 share was approved by the shareholders at the Annual General Meeting.”
Lrate. However, despite the expected difficulties and challenges in the business environment,
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. We will pursue our backward integration and portfolio
diversification strategies with renewed energy for continued prosperity and long-term sustainability of our business.