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Nestlé proposes final dividend of N25.50 amid N40bn full year profit

Nestlé proposes final dividend of N25.50 amid N40bn full year profit

Nestlé Nigeria Plc has announced its financial results for the year 2021. The company posted revenue of N351.8 billion recording 22.6percent growth over the preceding year. Gross profit for the year stood at N132.4 billion, representing an increase by 11.07percent when compared to N119.2 billion during the preceding year. The company posted profit after tax (PAT) of N40billion for the year as against N39.25billion in 2020, up by 1.91percent.

In addition to N25 per share interim dividend paid in December 2021, the Board proposed an additional dividend of N25.50 per share making for a total dividend of N50.50 for 2021. This proposed dividend will be submitted for approval at the company’s Annual General Meeting on June 29, 2022.

As at March 1, the company’s record 7.8 percent negative return year-to-date (Ytd) shows the stock price of Nestlé Nigeria Plc has underperformed the market which has in same period posted positive return of 11.16 percent .

Read also: Stock market opens March in green

Commenting on the results, Wassim Elhusseini, Managing Director and CEO of Nestlé Nigeria Plc, said, “We commend everyone in our organisation for their contributions to the attainment of this impressive result in these challenging times. It is a testament of the consistent dedication and commitment of our employees to ensure that we continuously deliver value for our shareholders, our consumers, and the communities in which we operate”.

“In 2022, our focus remains on ensuring the safety and wellbeing of our employees, as well as providing affordable nutrition to enable consumers to nourish their families daily, while we work together to benefit mankind and our planet. We will continue to push the boundaries of what is possible with foods, beverages, and nutritional solutions to enhance quality of life and contribute to a healthier future for everyone today and for generations to come.”