Milk producers in the country have said that foreign exchange restriction on milk imports would ultimately lead to higher prices of milk products for consumers.
“Of course, it will definitely affect prices. There is a difference of about N55 or N60 per dollar between the exchange rate on the black market and the interbank market,” said the General Manager, External Affairs, PZ Cussons, Mohammed Tahir at a dairy Congress in July.
Chellarams Plc, the diversified conglomerate with significant interest in the dairy sector as well as in industrial chemicals and machinery reported a net loss of ₦2.8bn for the full year ending on 31st March 2019.
The maker of Oldenburger, Regal and Real milk brands said that rising costs of sales hurt margins leading to a net loss. Despite a 28% rise in sales to ₦11.2bn, cost of sales skyrocketed by 55% to ₦10.7bn from ₦6.9bn in the previous year leading to a Gross Profit decline of 71% to ₦527m.
Chellarams DMK Limited, the dairy arm of Chellarams Plc, has extended its Real Activ product line with the launch of Real Activ Chocolate Malted food drink.
According to the company, the drink which contains twelve essential nutrients with immense nutritional benefit is targeted at children who need to be active in school and at play and adults who require constant energy for work even as it contains the appropriate amount of sugar needed.
Chellarams Plc, on Monday reported its financial results for the full year ending 31 March 2018. The diversified conglomerate with interests in the importation and manufacture of dairy products, industrial chemicals and turnkey equipment for the foam and mattress industry said that total group sales declined by 30% to ₦8.7bn from ₦12.4bn in 2017.
Chellarams Plc, said on Friday that revenue for its combined packaged dairy business known as FMCG and its bulk milk ingredients business fell 44.5% to N4.5bn for the full-year ended 31 March, down from N8.1bn in the previous year.
The FMCG business alone which includes packaged Oldenburger, Regal and Real milk brands, as well as its Real Active malted food drink declined 39% to N3.8bn. The firm recorded N6.3bn in sales in 2016.
Chellarams Plc, a diversified food, beverage and industrial chemical manufacturer and distributor announced on Thursday it had entered into a new strategic joint-venture agreement with its long-time business partner, German-based dairy producer, DMK Limited. The new venture will be called Chellarams DMK Limited.
According to a statement released by the company, the primary goal of the new venture will be to manage the production, marketing, sales and distribution of a full range of dairy products across Nigeria.
