Muncul Nigeria has announced its plan to establish a factory in Nigeria as it launched the mango flavour of its flagship product in the country.
The Indonesian manufacturer of consumer goods started operations in Nigeria in 2018 with an herbal energy drink.
The company unveiled the mango flavour of the product at an event in Lagos on Wednesday.
Muncul Nigeria’s Commercial Manager, John Abah, said during his presentation that Sido Muncul, the Indonesian parent company, saw the potential of the population of the Nigerian market and decided to launch operations in the country.
He said “Within two years of selling in Nigeria, we now have distributors, wholesalers and retailers across Nigeria. Some of them are in attendance here. We are now planning to expand into other African countries.
“For now, KukuBima is our only product variant in the Nigerian market. By 2022, we will be launching a new product and are planning to establish a factory for manufacturing in Nigeria in the future.”
Abah added, “With operations in 15 countries including Nigeria, Indonesia and the Philippines, we generated a revenue of $237m in 2020. Our net profit margin after tax is 24 per cent, and we currently have 300 stock-keeping units. “We also have a debt-free balance sheet with a dividend payout ratio of 80 per cent.”