FrieslandCampina WAMCO Nigeria PLC, makers of premium dairy products, Peak and Three Crowns milk brands held the company’s 45th Annual General Meeting on Thursday the Muson Centre, Onikan, Lagos.
Although 2017 was in many ways a challenging business year, the company showed resilience and determination to meet its targets and thrive amidst a difficult operating environment.
During the year under review, the company recorded a 13.2 percent increase in turnover from N123.75billion in 2016 to N140.08billion in 2017. Profit Before Tax (PBT) however decreased by 20.6 percent from N19.96billion to N15.86billion as a result of the ﬁre incident that occurred in the evaporated milk factory.
In spite of the economic headwinds, the company increased investment to improve operational efficiency by procuring two new sterilizers, a conveyor, two high speed sachet filling machines with improved technology and a dust extractor system to optimize safety in the Powder Plant.
FrieslandCampina WAMCO made significant investments in its Dairy Development Programme to increase opportunities in local dairy farming. The company invested in an additional milk collection centre, and started the Farmer2Farmer programme to help improve milk quality, volume and dairy farming skills through one-on-one coaching by Dutch co-operative member-farmers from Royal FrieslandCampina, The Netherlands.