Samba Foods Limited, a wholly Ghanaian owned food processing and preservation company, recorded impressive sales last year in spite of the bite of COVID-19 on the economy.
Sales of the company rose by 57.48 per cent to GH¢1, 059,735 in 2021 from GH¢672, 907 in 2020.
The Managing Director of Samba Foods Limited, Dr Mrs Leticia Osafo-Addo, disclosed this during her outfit’s turn of the Facts behind figures series of the Ghana Stock Exchange (GSE).
The Facts behind figures provides opportunity for companies listed on the GSE to present their results to brokers, institutional investors and the general public.
DrOsafo-Addo indicated that 2021 was a difficult year in view of the effect of the coronavirus pandemic on the economy and consumers.
He said the pandemic affected the purchasing and consuming capacity of the public since some had lost their jobs.
In spite of the economic difficulties, the Managing Director indicated that the company managed to improve sales due to the aggressive and innovative marketing strategies pursued by the company.
“Samba Foods Limited remains committed to its turnaround strategy to return the company to profitability and to be a leading player in the food processing and preservation industry in Ghana,” DrOsafo-Addo stated.
She announced that Samba Foods Limited was expected to produce over 2,500,000 sachets of sauce and spices to meet the growing demand for the year 2022.
The Managing Director indicated that the procurement and installation of new machinery would help the company to achieve that objective.
“If the company is able to receive the required amount of support and investment from the government and the public, Samba Foods Limited will make a significant footprint both within and outside Ghana,” Dr Osafo-Addo stated.
She pledged that the company would continue to train the teeming youth in food processing and preservation.
Incorporated and commenced business in 1993, Samba Foods Limited develops and produces ready-to-eat convenience foods of Ghanaian origin over the years.
The company has grown into a major player in the processed food industry since 1993 and a member of the Association of Ghana Industries (AGI).
The Deputy Managing Director of the GSE, Ms Abena Amoah, in her address encouraged businesses in the country to use the GSE to raise cheap and long-term capital to finance and expand their business operations.
She said the Ghana Alternative Market was created to provide avenue for small and medium-scale enterprises to raise capital to finance their business operations.