FrieslandCampina WAMCO Nigeria has swung to a N32.7 billion pre-tax profit for 2025, a 566 percent jump that reverses a N749 million loss the year before. Shareholders approved the results and a N1 dividend per 50 kobo share at the company’s 53rd AGM, held May 19 at the Lagos Marriott Hotel in Ikeja.
Revenue rose 25 percent, from N493.6 billion in 2024 to N615.9 billion in 2025. Gross margins improved to N119 billion in gross profit, and profit after tax hit N18.4 billion. Total equity jumped to N18.8 billion from just N3.8 million the year before, on the back of lower finance costs and reduced borrowing.
Managing Director Roger Adou credited the recovery to factory efficiency gains and stronger route-to-market execution. “Despite these headwinds, our teams demonstrated exceptional resilience, agility, and commitment,” he told shareholders at the AGM.
Behind the numbers sits a farmer network the company is still building. WAMCO trained more than 13,000 farmers in 2025, and raw milk volumes from that programme rose 19 percent, feeding directly into the margin recovery Adou described.
“Despite these headwinds, our teams demonstrated exceptional resilience, agility, and commitment.” — Roger Adou, Managing Director, FrieslandCampina WAMCO Nigeria
The market has reacted less steadily than the results themselves. WAMCO shares climbed to N210.41 on the NASD OTC exchange in early June, then reversed sharply. On July 7, the stock alone dragged the unlisted exchange down 6.11 percent, shedding N12.41 to close at N139.41 and wiping N155.4 billion off the exchange’s market capitalization in a single session.
That swing sits inside a wider pattern of thin, deal-driven trading on Nigeria’s unlisted board, where Champion Breweries’ recent scale bet and Nigerian Breweries’ energy-cost strategy have both moved valuations on small volumes rather than steady demand. WAMCO’s next test lands with full-year 2026 numbers, when investors will learn whether the AGM recovery holds once the exchange’s mood settles.
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