Chairman of Food Concepts Plc, Mr. Odunayo Olagundoye, has said that Food Concepts Plc is now firmly on its way to fulfilling its vision of becoming “The Most Loved QSR and Baked Goods Brands across West Africa”.
Speaking at the Annual General Meeting (AGM) of the company held virtually, he maintained that “We are now the clear leader in the Nigerian QSR sector with our Chicken Republic, PieXpress and The Chop Box Brands and we assure you of more exciting years of rapid and profitable growth”.
As he claimed, the year 2020 has taught the company so much about the business, and I am pleased to inform you that it is stronger than ever before. “The year in review has taught us that our Business, Brands, People, and execution-based strategy have proven to be remarkably resilient, despite the unprecedented headwinds that faced the global and Nigerian economies.
“Despite the Covid–19 pandemic, endSARS and 4th quarter recession, many milestones were achieved over the past year, and I am proud to tell you about them; with that said, it would be remiss of me not to start with informing you of how we looked after our people through this very trying time”.
In his own contribution, the Managing Director of the company, Mr. David Butler, said the company has grown our system sales by 31% to NGN18.0bn. However, EBITDA declined by -6% to NGN3.0bn. We closed 2020 with NGN 1.1 bn of Profit After Tax (PAT) representing a decline of -42%. Our growth continues to be driven both by same-store sales and the expansion of our Chicken Republic and PieXpress Brands.
Despite all the challenges faced in 2020, we have seen a 19% year-on-year increase in customer traffic to our stores – representing a significant gain in market share. We have opened 52 new shops, taking our total to 122 owned and 28 franchised locations.
“It is also worth mentioning that despite the Covid-19 challenges, we continued with the implementation of our SAP platform, maintained our current ISO compliance status and achieved additional certifications for ISO 9001, 1SO 14001 and ISO 45001 Management Systems, finalised our audited accounts and AGM, and overcame many unforeseen obstacles in 2020”.
According to him, “We ended 2020 on a high, with record sales and profitability momentum, a trend that has continued into 2021. We have an aggressive but achievable budget for 2021, a budget that was based on a gradual recovery of the global and local economy as the Covid-19 vaccines are rolled out throughout the world. We anticipate that consumer spending power and disposable income will remain pressurised; and to this end, we will continually drive our “Everyday affordable value” strategy across the country.
Article published courtesy of National Business Extra (Volume 4, No.178 – Monday, August 2–8, 2021)