FrieslandCampina WAMCO Nigeria PLC, manufacturers of premium milk brands - Peak, Three Crowns, Coast, Nunu and Olympic has reported a turnover of N199.5 billion.
The company disclosed this at its 48th Annual General Meeting held in Lagos.
Speaking at the AGM, the Chairman, Mr. Moyo Ajekigbe, 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."
He said the growth was due to a combined effect of organic and inorganic growth following the acquisition of Nutricima's dairy business.
A breakdown of the financials indicates that 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.
All the resolutions submitted for shareholder approval were adopted, including the approval of a total dividend payout of N6.74 per N0.50 share.
The Managing Director, Mr. Ben Langat, in his presentation, noted that the year 2020 was shaped by the company's continued focus on sustainable business processes.