Investor Presentaiton
ANNUAL REPORT 2020
30
Directors and other Corporate Information
Report of the Directors
For the year ended 31 December 2020
Board of Directors:
Mr. Jacobs Moyo Ajekigbe, OFR
Mr. Bernard Cheruiyot Langat (Kenyan)
Mrs. Oyinkan Ade-Ajayi
Rev. Isaac Adefemi Agoye
Engr. Mustafa Bello
Mr. Peter Eshikena
Mr. Roel van Neerbos (Dutch)
Mr. Robert Steetskamp (Dutch)
Mr. Dirk van Breen (Dutch)
Mr. Marc Galjaard (Dutch)
Mrs. Oreoluwa Famurewa
Company Secretary/
Legal Adviser:
Mrs. Olubukunola Olateru FCIS
Chairman
Managing Director
Non-Executive Director
Non-Executive Director
Independent Non Executive Director
Non-Executive Director
Non-Executive Director
Non-Executive Director
Executive Director resigned 1st July 2020
Executive Director appointed 15th September 2020
Executive Director
1 Incorporation
FrieslandCampina WAMCO Nigeria PLC was incorporated in Nigeria under the Companies and Allied Matters Act
(Cap. C20) Laws of the Federation of Nigeria 2020 as a Public Limited Liability Company and is domiciled in Nigeria.
2 Principal Activities
The Company is principally involved in the manufacture and marketing of dairy products. It has its manufacturing
site in Ogba Industrial Estate, Ikeja, Lagos.
Following the acquisition of Nutricima Limited dairy business in Nigeria, the Company now also has another
manufacturing site in Ikorodu, Lagos.
3 Result for the Year
The summary of the operating results is as follows:
In thousands of naira
2020
2019
Registered Office:
Registrars:
Independent
Auditors:
Principal Bankers:
Plot 7b Acme Road
Ogba Industrial Estate
Ogba-Ikeja
Lagos State
First Registrars and Investor Services
Limited
Plot 2 Abebe Village Road
Iganmu, Lagos
PricewaterhouseCoopers
Landmark Towers
Plot 5B Water Corporation Road
Victoria Island, Lagos
Access Bank PLC
Citibank Nigeria Limited
Coronation Merchant Bank
First Bank of Nigeria PLC
First City Monument Bank PLC
Guaranty Trust Bank PLC
Stanbic IBTC Bank PLC
Standard Chartered Bank PLC
Union Bank of Nigeria
United Bank of Africa PLC
Zenith Bank PLC
Revenue
Profit before income tax
Income tax expense
Profit for the year
Other comprehensive (loss)/income
Total comprehensive income for the year
4 Dividend
199,527,906
14,939,249
(6,160,363)
161,831,064
18,752,718
(6,388,708)
8,778,886
(74,106)
8,704,780
12,364,010
(13,418)
12,350,592
The Company pays an annual ordinary dividend in line with its medium to long-term financial performance and
targets in order to increase dividend-per-share over time. The policy is to pay dividends at the rate of not less than
75%. of its Profit After Tax (PAT) to its shareholders.
In accordance with this policy, the Board of Directors is proposing a total dividend pay-out of #6.74 per #0.50
share (2019: #9.49). No interim dividend was paid in 2020 (2019: #2.68 interim dividend payout); and a final
dividend of #6.74 per #0.50 share is recommended for your approval (2019: #6.81 was paid out as final dividend).
This will make the dividend pay-out 75% (75% in 2019).
If the proposed final dividend is approved, the final dividend less withholding tax at the appropriate rate will become
payable on 7th May 2021.
5 Property, Plant and Equipment
Information relating to changes in property, plant and equipment is given in note 12 to the financial statements.
FrieslandCampina WAMCO Nigeria PLC
FrieslandCampina WAMCO Nigeria PLC
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