In Nigeria FrieslandCampina WAMCO, has revealed its turnover for the financial year ended 31st Dec 2019 reached N161.8bn ($417.8m), an increase of 8.5% on 2018. Profit before tax was N18.7bn ($48.4m), up 15% on 2018. The company has warned that despite the strong results, the business environment remained challenging.
FrieslandCampina WAMCO has warned that despite the strong results, the business environment remained challenging. As part of its strategy to reduce dependence on imports, the company has been extremely active in developing the dairy sector in Nigeria. In FY2019 it inaugurated a state-of-the-art yoghurt factory, and activated its Dairy Development Programme (DDP) in Bobi Grazing Reserve.
“In spite of the headwinds, FrieslandCampina WAMCO played a leading role in Nigeria’s backward integration initiative led by the Central Bank of Nigeria (CBN) in the dairy sector,” Ben Langat, Managing Director said.
In early June, the company announced that that fresh milk collection in the country through its Dairy Development Programme (DDP) had hit 40,000 litres. The DPP programme, which started with smallholding farmers in Oyo State in 2010, has been replicated across other states.