Samba Foods returns to profit ways

BY: Maxwell Akalaare Adombila
Leticia Osafo-Addo- MD, Samba Foods

Samba Foods, an indigenous food processing and preservation company, is enjoying a turnaround in its operations after suffering a loss in 2020.

The company returned to profit ways last year as increased sales led to higher revenues, resulting in its turnaround.

The company’s unaudited report released last week showed that it made a net profit of GH¢94,993 in 2021 against a loss of GH¢83,532 the year before.

No dividend

In spite of the profit, the company said its directors would not recommend the payment of dividend for the 2021 financial year.

A date for an annual general meeting (AGM) is yet to be announced.

Record sales

Beyond the return to profit ways, Samba Foods, which is listed on the Ghana Alternative Market (GAX) – a smaller market by the Ghana Stock Exchange (GSE) for small and medium enterprises (SMEs) – also enjoyed record sales last year.

The company’s gross sales crossed the GH¢1 million mark for the first time last year when it rose from GH¢672,907 in 2020 to GH¢1.06 million.

Product line

A wholly-owned Ghanaian food processing and preservation business, Samba Foods prides itself as specialists in the manufacture and sale of convenience foods, condiments and seasonings for the domestic market and for export.

It was incorporated in September 1993 but has evolved to focus on the production of ready-to-eat foods of Ghanaian origin.

Some of its products under the brand name Samba include Pepper (Shito) Sauce, Groundnut Paste and Roasted Groundnut.

The company also prides itself as being the first to commercialise the production and distribution of the local traditional pepper sauce known as ‘shito’.

The company listed on the GAX in 2015 after successfully raising GH¢2.5 million from the sale of three million shares to investors.