Fan Milk Plc, the ice cream and dairy products maker, began the year on a positive note, delivering a year-on-year revenue growth of 15 percent in the first quarter, according to unaudited financial statements published on April 30.

Revenue grew to GH¢121.75 million in January to March compared with GH¢105.84 in the corresponding period of 2019.

The growth, according to the company, is in line with its objective “to recover the decline in outdoor channel [that is, exports] and accelerate growth in indoor channel [that is, local sales]”.

“The growth is also due to [an] increase in export business to Franco[phone] countries. For the first time in several months, the outdoor channel grew by 3 percent in the month of March,” it said.

“The company continues to drive cost efficiency in operation, recording [a] 10 percent increase in sales and distribution expenses, lower than revenue growth,” it added.

There was a significant increase in administrative expenses, by 64 percent to GH¢7.92 million, largely emanating from forex losses.

Nevertheless, the company posted a net profit after tax of GH¢5.5m, almost the same as in the first quarter of 2019.