The shareholders of FrieslandCampina WAMCO have approved the Board of Directors' proposal of a total dividend pay-out of 75 percent of the Company’s profit after tax (PAT) for the year 2016, which is equivalent to N10.65 per N0.50 share.
This was inclusive of an interim dividend of N2.95 per N0.50 share paid in November 2016.
The shareholders gave the approval at the 44th Annual General Meeting of the company on Thursday May 18, 2017, at the Muson Center, Onikan, Lagos.
According to a statement, the shareholders acknowledged the efforts of the Board of Directors and Management for their consistent performance despite the decline in economic activities and increased pressure on the on the naira.
Operating results and performance
The Company's commercial and financial performance remained satisfactory in spite of the harsh business environment. Turnover increased by 2.5 percent from N120.72billion in 2015 to N123.75billion in 2016. Profit Before Tax (PBT) however increased by 7.2 percent from N18.62 billion to N19.96 billion as a result of the twin impact of the modest growth in turnover and significant reduction in administrative
Outlook 2017
FrieslandCampanina WAMCO expects Nigeria’s real GDP growth to rebound slightly in 2017, by about 0.8 percent; although inflation is expected to increase marginally. It also anticipates government to adopt a number of measures such as increased capital expenditure and increased funding of the foreign exchange market to pull the economy out of recession, but the FMCG market will continue to come under pressure.
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| L-R: Managing Director, FrieslandCampina WAMCO Nigeria PLC, Mr. Ben Langat; Chief Operating Officer, CPEMEA Royal FrieslandCampina, Mr. Roel van Neerbos; Chairman, FrieslandCampina WAMCO Nigeria PLC, Mr Jacobs Ajekigbe; Chairman, Supervisory Board, Royal FrieslandCampina, The Netherlands, Mr. Frans Keurentjes at the 44th Annual General Meeting of FrieslandCampina WAMCO Nigeria PLC in Lagos on Thursday, May 18, 2017. |
The shareholders gave the approval at the 44th Annual General Meeting of the company on Thursday May 18, 2017, at the Muson Center, Onikan, Lagos.
According to a statement, the shareholders acknowledged the efforts of the Board of Directors and Management for their consistent performance despite the decline in economic activities and increased pressure on the on the naira.
Operating results and performance
The Company's commercial and financial performance remained satisfactory in spite of the harsh business environment. Turnover increased by 2.5 percent from N120.72billion in 2015 to N123.75billion in 2016. Profit Before Tax (PBT) however increased by 7.2 percent from N18.62 billion to N19.96 billion as a result of the twin impact of the modest growth in turnover and significant reduction in administrative
Outlook 2017
FrieslandCampanina WAMCO expects Nigeria’s real GDP growth to rebound slightly in 2017, by about 0.8 percent; although inflation is expected to increase marginally. It also anticipates government to adopt a number of measures such as increased capital expenditure and increased funding of the foreign exchange market to pull the economy out of recession, but the FMCG market will continue to come under pressure.
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