Nestlé Nigeria Plc has released its financial results for the year ended December 31, 2019. The company posted revenue of N283.9 billion, recording 6.6percent growth over the preceding year. The company’s gross profit for the year 2019 stood at N 127.6 billion, compared to N113.9 billion in the year 2018.
The company posted profit before income tax (PBT) of N71.2billion in 2019 against N59.7billion in 2018; while it posted Profit After Tax (PAT) of N45.6 billion for the year 2019 versus N43billion during the preceding year.
In addition to N25 per share interim dividend already paid, the Board proposed an additional dividend of N45 per share making for a total dividend of N70 for 2019. This proposed dividend will be submitted for approval at the company’s Annual General Meeting on 2nd June 2020.
“In 2019, we reaffirmed our market leadership by delivering increased profits and dividends to shareholders. We achieved this by responding speedily to consumer preferences, by offering product innovation and improving our distribution channels. Our high-performing team adapted quickly to changing consumer expectations by adopting new ways of delighting our consumers in the market place,” said Mauricio Alarcon, Managing Director and CEO of Nestlé Nigeria Plc.
The company enhanced its portfolio with new products including MAGGI Signature seasoning mixes adapted to consumer tastes and cuisine across the country. CERELAC Junior fortified with iron was also launched to help meet the nutrition needs of pre-school children.
On the 2020 outlook, Alarcon said, “We will continue to focus on the innovation and the renovation of our products and on rolling out new solutions and services in response to changing consumer needs. This will prepare us for the challenges ahead while we partner with key stakeholders for the growth of the local economy”.
“With society looking more to business to improve social amenities, Nestlé Nigeria will continue to invest in creating shared value by improving livelihoods in the communities closest to our business operations. This is in line with our purpose of enhancing quality of life and contributing to a healthier future. We will also drive new initiatives to empower our people to deliver outstanding results for themselves, for the organisation and for society,” Alarcon stated.
