Besides, the elated shareholders have expressed support for the company’s automated plant, the first of its kind in Sahara Africa, which is expected to significantly increase the company’s operational efficiencies.
The Chairman of the company, Dr. Oladimeji Alo at the AGM explained that the company had continued to make significant progress despite the challenging operating environment.
“In spite of the challenging operating environment, our Company continued to sustain its performance, with emphasis on profitability and value creation for shareholders. Our Profit before Tax (PBT) grew from N 249.3 million in 2014 to N 565.2 million in 2015, representing a 126.7 per cent increase.
“As a demonstration of the confidence it has in the future of the Company, and to reward shareholders for their investment, the Board is recommending for your approval, the sum of N 217, 367, 585 to be paid out as dividend. This works out at 75 kobo per share, “Alo said.
Also speaking at the meeting was the Managing Director, Mr Peter Folikwe, who explained that one of the strategic plans to boost earnings was to reduce cost through operational efficiency.
Folikwe stated that consumer education would be accorded high priority to strengthen the relationship between the company and its customers.
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