Despite a difficult year marked by declining revenue and a net loss, FrieslandCampina WAMCO Nigeria Plc’s Chairman, Jacob Moyo Ajekigbe, has assured shareholders of the company’s commitment to its future success and sustainability.

Speaking at the company’s 51st Annual General Meeting (AGM) in Lagos, Ajekigbe expressed confidence in the company’s brands, which are leaders in the dairy sector, and its strategies for backward integration and product diversification.

The company’s financial results for 2023 showed a decline in volume and revenue due to production constraints and weak demand, resulting in a net loss of N23 billion.

However, the board and management are optimistic about the future, with plans to strengthen their route to market and pursue strategic initiatives to ensure long-term sustainability.

Ajekigbe acknowledged the challenges faced by the company, including inflation, foreign currency exchange losses, and high finance costs, but assured shareholders that the company is committed to overcoming these obstacles and achieving success in the years to come.

FrieslandCampina WAMCO Nigeria Plc, an affiliate of Royal FrieslandCampina of the Netherlands, has been a leading dairy company in Nigeria since 1973, producing and selling evaporated milk, instant milk powder, and other dairy products under three brands: Peak, Three Crowns, and FrisoGold.