Fanmilk invests ¢47.19m back into business to ensure its sustainability
Fanmilk Plc has invested over ¢47 million back into the business to ensure its sustainability in the coming years.
Areas invested included Industrial, Supply Chain, Sales and Administration and Information System Support.
Speaking at the 61st Annual General Meeting of FanMilk Plc, the Managing Director of the company, Ziobeieton Yeo, said his outfit is investing in efficient processes and facilities which will propel it to meet customers’ and consumers’ needs.
“These are some of the standards and investments that we do as a responsible company”, he added.
Financial review
Fan Milk Plc posted a growth in revenue of 25.3% compared to prior year.
This strong growth came from recovery of its outdoor business and increase in export business to affiliated companies.
Within the year under review, higher material prices dipped the gross profit margin from almost 32% in 2020 to 26% in 2021.
The company’s profit before tax dropped from almost ¢800,000 in 2020 to a loss of ¢20.87 million in 2021. The year therefore recorded a net loss of ¢13.4m compared to profit after tax of ¢500,000 in 2020.
Meanwhile, Board Chairman of FanMilk Plc, Dr. Charles Mensah has expressed optimism about Fanmilk’s future, saying, the growth in revenue of 25.3% is a manifestation.
The company is optimistic of paying dividend in due course after the negative impact of COVID-19 on the business.
Source: Ghana News
