Fan Milk PLC, a dairy and beverage company in the country, last year recorded strong revenue growth and doubled its net profit.
The company’s net profit in 2024 soared to GH¢49.4 million from GH¢24.0 million in 2023.
The Managing Director (MD) of Fan Milk PlC, Lionel Parent, disclosed this in Accra on Wednesday during the company’s turn of the Fact-Behind-the-Figures series organised by the Ghana Stock Exchange (GSE) for listed companies.
He said in the first quarter of 2025 and that of the full year of 2024, the company recorded a year-on-year revenue and net growth of 51 per cent.
He said the strong growth last year was driven by “Our distribution network, with 800 net agents, 21 key distributors and nearly 7,000 vendors remains the backbone of our growth, ensuring nationwide product availability.”
Mr Parent said the company’s core products – Fanyogo, Fanhoco, and Fanice was continued to drive the growth of the company.
“This year, the journey is still to keep doing that while looking at growing our yoghurt category, l” Mr Parent said.
He indicated that more than 80 per cent of the company’s revenue was generated by its vendors across the country
“We are engaging them more to make sure that we are on top of this 80 per cent of our business. Again, we keep educating them to enable them to upgrade their carrying patterns. Some have been upgraded to become agents. So, it was a conscious effort by management to upgrade them from being street vendors to become agents,” Mr Parent stated.
He pledged that Fan Milk PLC would continue to transforming vendors into business owners.
In 2024, he said the company sponsored 10 street vendors to transition into full-time agents in a strategic move to create sustainable jobs within its value chain.
The initiative, the MD said was part of the company’s ‘Project Sankofa,’ to reignite the excitement associated with Fan Milk products over the past 65 years.
Touching on the outlook for 2025, Mr Parent said “As we celebrate our 65th anniversary in 2025, Fan Milk is poised for growth.
“The next phase of our Project Sankofa will deepen our focus on the outdoor channel, while Project Kilimanjaro will expand our cold chain to support rising demand,” the MD said.
Mr Parent emphasised that the operational priorities for this year include energy efficiency through capital expenditure projects such as boreholes and recruiting talent to sustain the momentum of the company.
The Deputy MD of the GSE, Mr Frank Berle, commended Fan Milk PLC for its sterling performance.
He said the presentation by Fan Milk PLC had given the market a broader understanding of the performance of the company.
Mr Berle entreated corporate bodies to use the Accra bourse to raise capital to finance their business.
BY KINGSLEY ASARE
