National Wire About Nigerians, Nigerian Business and Other Stories
Shareholders of Frisland Campina WAMCO Nigeria Plc, on Thursday May 17, 2018 approved a final dividend of N7.02 per share for the full year ended December 31, 2017.
Making it a total dividend of N9.22 kobo per share, when added with the interim dividend of N2.20 kobo that was paid in October 2017.
The dividend will be paid to shareholders account on May 18, 2018. Commenting on the company operations, Chairman of the company Jacob Ajekigbe said the last financial year started on a disturbing note with a fire outbreak in the evaporated milk plant that extensively damaged the conveyors and sterilizers putting a halt to the company production.
According to him, “two new sterilizers and conveyor system were installed in July and commissioned by the end the year. The plant layout was also enhanced to improve safety and drive efficiency. During the period of low production in the evaporated milk plant, the powder plant ran at very high efficiency to ensure our products were available in the market to compensate for lost volume. Import of finished evaporated goods, also supported product availability.
The company turnover increased by 13.2 percent from N123.75 billion in 2016 to N140.08 billion in 2017. Profit before tax decreased by 20.6 percent from N19.96 billion to N15.86 billion as a result of the high volume of products imported to cushion the gap resulting from the fire incident in the evaporated milk factory. According to Ajekigbe it was necessary to maintain the company market share.
