Samba Foods Plc, the wholly Ghanaian-owned food processing and preservation company, is seeking to return to profitability and reposition as the leading player in its market.
The publicly-listed brand is also seeking to explore opportunities outside Ghana, with plans to enter the West African market, specifically Togo and Côte d’Ivoire.
According to its Chief Executive Officer, Dr. Leticia Osafo-Addo, the strategic direction of the company also includes retaining its prime position as the best food brand and manufacturing business in Ghana.
“Our focus is on the retail segment and channel of distribution to the local and international market. We intend to achieve this through increased customer retention and an enhanced product portfolio, with the introduction of new processed food items to new and existing markets such as Togo and Ivory Coast,” she said during the company’s turn on the Ghana Stock Exchange’s Fact behind the Figures platform.
With multinationals handling over 80 percent of the total market share, the company is banking on its investments in equipment and processing facilities to increase its market share and profitability.
“To be able to compete with these multinational companies and win the lion’s share in the industry, we plan to increase revenue and net profit by 25 percent and 20 percent respectively annually, and to expand sales to existing customers,” Dr. Osafo-Addo added.
Samba Foods grew its sales from GH¢557,965 in 2019 to GH¢672,907 in 2020, representing a 20.6 percent increase, despite the heavy impact of the Covid-19 pandemic on the company’s cash flow.
Incorporated in 1993, Samba Foods has grown over the years into a major player in the processed food industry.