management. However, there was a drop in volume which was mainly a result of high
inflation and a reduction in the overall consumer purchasing power. Turnover increased
by 21% from N268.4 billion in 2021 to N324.7 billion in 2022. Profit Before Tax (PBT)
increased by 6% from N12.7 billion in 2021 to N13.5 billion in 2022 due to lower finance
costs and cost management measures.
“Aside the afore-mentioned metrics, I am proud of several achievements in the year
under review that supported our stability and performance. These include but are not
limited to the launch of Peak Yoghurt 1L pack and successful brand activations like the
annual Three Crowns mum of the year campaign. We also introduced Nunu yoghurt,
Nigeria’s first drinking yoghurt made from 100% locally sourced milk and produced in a
unique mobile factory, also the first of its kind in Nigeria. This is yet another success
recorded in the actualization of our sustainability and backward integration plans in
support of the dairy development policy of the Federal Government of Nigeria. Several
awards and recognitions were also received for the Company’s excellence in marketing,
safety, quality and manufacturing. These external (and global) recognitions are a
validation of our operational excellence and continuous improvement culture in the face
of the tough business climate.
“We will continue to innovate and drive accessibility to our portfolio by incorporating
more local content to drive more competitiveness in the market. We remain committed
to delivering quality, affordable and accessible nutrition to millions of Nigerian homes and
to building a more productive and sustainable future in Nigeria.”Moyo Ajekigbe, OFR, Chairman, Board of Directors
“The success achieved in 2022 was the result of concerted efforts from various
stakeholders, and I would like to thank the Management Team for their focused
leadership, hard work and resilience; and my colleagues on the Board for their valuable
insights, counsel and teamwork during the last financial year.
“Special acknowledgement goes to our consumers who have remained consistent as they
make their decisions to buy and consume our products on a daily basis, and to our
customers for their confidence in our products and the Company. I would also like to
thank our employees for their passion, hard work and dedication to duty. We continue to
owe our Corporate Head Office a debt of gratitude for their solid support and for their
confidence in Nigeria as an investment destination.
“Following the retirement of Rev. Isaac Agoye and Mr. Robert Steetskamp from the Board
after the last Annual General Meeting, Mrs. Audrey Joe-Ezigbo was appointed as an
Independent Non-Executive Director on 1st December 2022. We welcome Mrs. Audrey
Joe- Ezigbo to our Company and look forward to her valuable contributions.
”In accordance with the Company’s dividend policy, the Board of Directors proposed a
total dividend payout of N2.93 per N 0.50 ordinary share. No interim dividend was paid in
2022 and a final cash dividend payout of N2.93 per N 0.50 share was approved by the
shareholders at the Annual General Meeting.”
Business Outlook 2023
According to economic analysts, the business environment is expected to remain volatile
with rising unemployment, high inflation, high interest rate, insecurity and high exchange
rate. However, despite the expected difficulties and challenges in the business environment,
the Board and Management remain confident about the future of Nigeria and will
continue to invest in the country. We strongly believe that our Company’s brands, which
are leaders in the dairy sector will continue to grow on the back of innovation and our
robust route-to-market. We will pursue our backward integration and portfolio
diversification strategies with renewed energy for continued prosperity and long-term
sustainability of our business.Ore Famurewa
Executive Director Corporate Affairs
May 10, 2023