Business
50th AGM: FrieslandCampina WAMCO Records 21% Growth, Announces N324.7 Billion Revenue in 2022
50th AGM: FrieslandCampina WAMCO Records 21% Growth, Announces N324.7 Billion Revenue in 2022
makers of Peak, Three Crowns, Coast, Olympic and Nunu milk brands has reported a turnover of N324.7 billion for the financial year ended 31 December 2022. This was
announced at its 50th Annual General Meeting, which held on Tuesday, 9 May 2023 at the Sheraton Hotel, Lagos.
The Company recorded a growth in net sales due to a focus on revenue growth
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.
“To mitigate the extremely difficult global economic challenges coupled with
unprecedented inflationary pressures witnessed in 2022, we upscaled our commercial
execution with relentless focus on Revenue Growth Management and redistribution
initiatives to stay agile and competitive. We made investments in our brands via diverse
initiatives, optimizing market spend with an increased focus on physical availability.
Leveraging our strong brands and superior commercial expertise has helped to sustain
our leadership position and deliver significant top-line growth.
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.
to delivering quality, affordable and accessible nutrition to millions of Nigerian homes and to building a more productive and sustainable future in Nigeria.”
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.
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.”
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,
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.
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
-
celebrity radar - gossips6 months agoWhy Babangida’s Hilltop Home Became Nigeria’s Political “Mecca”
-
society6 months agoPower is a Loan, Not a Possession: The Sacred Duty of Planting People
-
society5 months agoReligion: Africa’s Oldest Weapon of Enslavement and the Forgotten Truth
-
news6 months agoTHE APPOINTMENT OF WASIU AYINDE BY THE FEDERAL GOVERNMENT AS AN AMBASSADOR SOUNDS EMBARRASSING