FrieslandCampina WAMCO Nigeria PLC, makers of premium dairy products: Peak, Three Crowns and Friso milk brands, has declared a net sales turnover of N90.4 billion for the financial year ended 31 December 2010. This result is a 18.36% increase over that of 2009.

This was announced at its 38th Annual General Meeting held on April 29, 2011 at the Muson Centre, Onikan, Lagos.

Despite the harsh economic environment, the commercial and financial performance of the Company remained good. The Company’s Profit Before Tax (PBT) increased by 10.62% to N16.98 billion in 2010. Profit After Taxation (PAT) also increased by 10.07% to N11.61 billion.

Accordingly, the Board of Directors recommended a final dividend of N24.13 per ordinary share of N1.00 each to the shareholders after having paid an interim dividend of N5.62 in November 2010. The shareholders approved the final dividend during the Annual General Meeting bringing the total dividend paid out to N29.75 per N1.00 ordinary share in the year under review.

Further, the Company declared a bonus issue of one new ordinary share of N1.00 each for every four ordinary shares of N1.00 each held by members as at April 12, 2011.

The Board of Directors noted that these results were achieved through efficient management of resources, especially the ability of Management to increase sales volume and keep down administrative cost on the previous year’s level.

The shareholders congratulated the efforts of the Board and Management for the sustained brilliant performance recorded over the years. In addition, they commended the Company’s Dairy Development Program (DDP) initiative of local sourcing of fresh milk to improve local content of milk used in its products.

On its outlook for 2011, the Company affirmed that 2011 will not be less challenging for businesses than the previous year. In these challenging market conditions, the company will continue to grow by delivering high quality products in the most cost effective and efficient way possible to a Nigerian market.