FanMilk grows profit by 982%
FanMilk Plc, subsidiary of leading food company, Danone, has witnessed an astronomical rise in its profit for the period between end-June 2020 and end-June 2021.
FanMilk, for the period ended June 2021, posted a net profit-after-tax of Ghs 6.9 million.
The posted net profit-after-tax for Q2 2021 compared to that of the Ghs 703,000 net profit-after-tax recorded in Q2 2020, marks an increase of some Ghs 6.2 million in profit.
In percentage terms, the recorded profit difference represents a 982 percentage points increment in the food company’s profit.
The growth in the company’s net profit for the review period was mainly fuelled by increments in its revenue.
The company at the end of the second quarter of 2021 recorded revenue of Ghs 239 million, an increase of almost Ghs 55 million from the previous year’s revenue of Ghs 184 million.
The company’s cost of sales however, swallowed a major part of its revenue – Ghs 156 million – resulting in a gross profit of Ghs 82 million.
Other expenses incurred by the food company eventually chiselled away a major portion of its gross profit ending the quarter with a net profit of Ghs 6.9 million.
Total assets of the food company, for the period under review also recorded an increase in its value.
FanMilk’s assets value at end-Q2 2021, stood at Ghs 445 million from the recorded Ghs 367 million total assets value posted in Q2 2020.
Of the value of the total assets, non-current and current assets accounted for Ghs 194 million and Gsh 250 million respectively.
Similarly, the company’s total liabilities for the review period increased by some Ghs 72 million year-on-year ending Q2 2021 at Ghs 178 million from a previous figure of Ghs 106 million in Q2 2020.
Current liabilities accounted for Ghs 166 million of total liabilities whereas non-current liabilities accounted for a meagre Ghs 9 million of the total liabilities.
Details of FanMilk’s Q2 2021 financial statement