Nestle Records N46bn Profit After Tax, Declares N45 Final Dividend

Nestlé Nigeria Plc releases its financial result for 2019, recording an improved bottom-line and maintaining a final dividend of N45 per share.

According to the Audited results posted by the company, Nestle records N 283.9 billion revenue which tops the revenue record of N266.275 billion in 2018 by 6.6%

Commendably, the company also recorded in different stretches the following; an increase in GDP with a record of N127.6 billion, topping the 2018 GDP of  N113.9 billion, a rise in distribution costs from N43.489 billion to N45.886 billion, a fall in administrative expenses with the record of N9.789 billion to N9.589 billion while the net financing cost rose from N889 million to N938 million.

Nestle Nigeria also noted its PBT for 2019 with a record of N71.212 billion compared with N59.751 billion from the previous year, while PAT rose from N43.008 billion to N45.651 billion in 2019.

The board of company introduced a final dividend of N45 per share in addition to the N25 interim dividend earlier paid estimating the total value for a dividend to N70 per share.

Commenting on the results, Managing Director/CEO of Nestle Nigeria Plc, Mr. Mauricio Alarcon said:

“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.”

Also, Alarcon added that the company has improved its collection with new products including Maggi Signature seasoning for consumer tastes and cuisine across the country and the Cerelac Junior fortified with iron which was launched to meet the nutrition needs of pre-school children.

Looking ahead, 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.”

“This is in line with our purpose of enhancing the 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 organization and society,” he said.