The Chairman Board of Directors Adamawa Beverage Limited (ABL), the producers of Faro Table Water and Juice, Akin Kekere Ekun OFR,said the company achieved a turn over of N3.8 Billion for the year 2015 as against N3.5 Billion recorded last year representing 10.5 per cent in crease in turn over.
Ekun made this known to newsmen Thursday in Yola during the 4th annual General Meeting (AGM)of the company held at the company’s Board Room at Kofare Industrial layout.
Represented by Alhaji Adamu Mobiddo the Chairman noted that shareholders’ funds of the company had grown to N1.2 Billion with assets worth over N6. Billion, adding that the company had attain optimum production capacity 40,000 bottle per hour of table water.
The Chairman explained that the company in conjunction with Standard Organization of Nigeria (SON) has started the process of having the International Certifications of products and systems ISO-22,00 and the process is expected to be concluded by the end of this year,and by next year the company will expand their operations to other countries.
‘’In order to be very competitive in the Table Water market, we plan to introduce all the 4 water sizes in Shrinks Wrap Packaging which would increase our competitiveness in the market and give consumer more choice in range and price of our products.”
Other challenges pointed out by the Chairman are:The rising value of foreign exchange with which we impact raw materials like concentrate,spare parts and Machineries impacted on our cost of operations. Also the economic policy uncertainties could not allow for futuristic planning and our operations were limited to short term survival mechanism.
He said the company was able to overcome challenging which include the rising value of foreign exchange, with which the company import raw material, the election period of February-April which was characterized by anxiety which led to withdrawals of trucks by transporters.
He added that: “the insurgency which affected a greater portion of the North –East region no doubt affected our abilities to send goods to the affected areas”
Earlier the General Manager of the company Ahmed Jarma lauded the existing synergy between staff and management of the company.
Jarmah expressed happiness that the company would hit Intentionally market by next year ,He however explained that as parts of effort to develop sports in the state Faro company sponsored 35 clubs in various football competitions across the state and many laurels won.
Abdullahi Babale Director in the company assured that the company would not downsize any of its staff despite global economic meltdown bedeviling the nation.