Nestlé Nigeria Plc has released its financial results for the year ended December 31, 2018. The results at the Nigerian Stock Exchange (NSE) showed the company posted revenue of N266.3billion, recording a growth of 9.1percent over the preceding year level of N244.151 billion.
Gross profit for the review year 2018 stood at N113.9 billion, compared to N100.9billion in the preceding year. Nestlé Nigeria posted N60.6 billion as results from operating activities in 2018 as against N55.7 billion during the preceding financial year.
Nestlé Nigeria Plc profit before income tax grew by 27.6percent to N59.750billion in 2018 from N46.828billion in 2017; while its profit for the 2018 period in review stood at N43billion, up by 27.5percent when compared to N33.723billion in 2017.
In addition to N20 per share interim dividend already paid, the Board of Nestlé Nigeria Plc proposed a final dividend of N38.50 per share for 2018. This is subject to shareholders’ approval at the company’s Annual General Meeting on May 28, 2019.
At N1, 510 per share which Nestlé Nigeria Plc closed on Wednesday, its stock price remained unchanged on the Nigerian Stock Exchange. The stock had reached a 52-week high of N1, 617.10 and a 52-week low of N1, 317.
Commenting on the results, Mauricio Alarcon, Managing Director/CEO, Nestlé Nigeria Plc said, “We are pleased with our 2018 results considering the increasingly competitive business environment. The growth was driven by the continued loyalty of our consumers as we focused on consistently delivering high quality, tasty and nutritious food products adapted to their preferences. The discipline and dedication of our people also supported this business outcome.”
The company continued to invest in innovation to keep delighting consumers with its iconic brands. The multi-cereal Nestlé Golden Morn Puffs fortified with iron was introduced during the year.
In line with its purpose of enhancing quality of life and contributing to a healthier future, Nestlé Nigeria worked alongside stakeholders to execute projects aimed at improving livelihoods in communities connected to its operations while delivering value to its shareholders. This is a principle called Creating Shared Value, (CSV). The CSV projects include provision of access to clean drinking water, providing nutrition education, farmer capacity building and grain quality improvement through Feed the Future Nigeria and Nestlé Maize Quality Improvement Partnership.
As part of its 2019 outlook, Nestle said, “We look forward to next year with cautious optimism in view of the challenging business environment. We will focus on leveraging our capabilities to deliver value to our consumers and our shareholders as we contribute to the growth of the local economy and to improving livelihoods within our communities,”.
