Fan Milk Plc, the Danone-backed dairy producer listed on the Ghana Stock Exchange (GSE), has filed its audited annual report and financial statements for the year ended 31 December 2025, confirming a net profit of GH¢68.3 million and recommending a higher dividend of GH¢0.11 per share to shareholders.
The audited profit compares with GH¢49.5 million recorded in 2024, representing a 38 percent increase year on year. Revenue from operations reached GH¢1.001 billion, making 2025 the first full year in the company’s history in which annual turnover crossed the billion-cedi mark.
The board of directors has proposed a dividend of GH¢0.11 per share, amounting to GH¢12.8 million in total, subject to shareholder approval. This marks a 37.5 percent increase over the GH¢0.08 per share paid for the 2024 financial year. Dividends paid are subject to an eight percent withholding tax.
Gross profit rose to GH¢364.5 million from GH¢248.3 million, as the company grew sales across its dairy, ice cream, juice and plant-based milk segments. Dairy products remained dominant, generating gross sales of GH¢1.039 billion out of total gross sales of GH¢1.152 billion. Cost of sales, however, also climbed to GH¢636.2 million from GH¢435.5 million, driven largely by higher raw material costs including imported milk whey powder.
Operating profit reached GH¢96.1 million, up from GH¢77.6 million, while finance income from bank and call accounts nearly doubled to GH¢13.4 million as cash balances strengthened. Cash and cash equivalents closed the year at GH¢231.6 million, more than doubling from GH¢109.1 million at the end of 2024.
Earnings per share on both a basic and diluted basis stood at GH¢0.588, up from GH¢0.426. Total equity rose to GH¢331.8 million from GH¢272.7 million, while total assets grew to GH¢662.8 million from GH¢590.7 million.
The company employed 330 permanent staff as at 31 December 2025, compared with 292 in 2024. During the year, a total of GH¢3.978 million was invested under the Danone Impact Journey, covering programmes in the areas of people and communities, nature and health through food.
Fan Milk International A/S, incorporated in Denmark and a subsidiary of Danone S.A. of France, remains the majority shareholder with a 62.11 percent stake.
The audited financial statements were approved by the board on 13 March 2026 and audited by Forvis Mazars, Chartered Accountants, whose independent audit opinion confirmed the statements present a fair view in all material respects in accordance with International Financial Reporting Standards (IFRS) and Ghana’s Companies Act, 2019.
Following the 64th Annual General Meeting held in May 2025, two directors were added to the board: Adjoa Boateng as an Independent Non-Executive Director and Kplom Fiagome as an Executive Director. Subsequently, Jakub Kalinowski resigned as a Non-Executive Director effective 13 March 2026, and Begoña Santaolalla Martínez De Falcón was appointed to fill the resulting casual vacancy on the same date.
The five-year financial summary in the audited report shows the company has moved from a loss of GH¢13.4 million in 2021 to a profit of GH¢68.3 million in 2025, reflecting a sustained turnaround across the review period. The stock traded in a range of GH¢3.63 to GH¢8.00 per share during 2025, compared with GH¢3.25 to GH¢3.70 in 2024.
