Fan Milk Limited 2022 interim results for the half year
COMMENTS TO THE FINANCIAL STATEMENTS:
Fan Milk Plc recorded a double digit revenue growth of 12% for the first half of the year; same as it did for the first quarter of the year 2022, compared to prior year. The company is still pursuing its strategy of profitably growing the outdoor business and at the same time accelerating the indoor channel.
This is paying off with a double digit growth recorded consistently in both quarters of the year. On the cost front, the rising commodity prices experienced globally last year is exacerbated by high inflation and steep depreciation of the local currency in Ghana today. This has caused a dip in the gross profit margin from 33.9% in half year 2021 to 27.5% in 2022. The first half of the year recorded an operating loss of GHS4.9 million and a net loss of GHS 4.8 million.