Economy

Nestlé Nigeria Plc records N287bn revenue, 1.1% growth in 2020

Nestlé Nigeria Plc records N287bn revenue, 1.1% growth in 2020
Written by Maritime First

Nestlé Nigeria Plc has announced its financial results for the year 2020, posting revenue of N 287.1 billion with  1.1 per cent growth over the previous year.

Gross profit for the year 2020 stood at N 119.2 billion, compared to N 128.1 billion during 2019.

The company posted profit after tax of N 39.3 billion for the year. The detailed financial results are available on our https://www.nestle-cwa.com/en/investors/nigeria

In addition to N 25 per share interim dividend already paid in December 2020, the Board proposed an additional dividend of N 35.5 per share making for a total dividend of N 60.5 for 2020.

This proposed dividend will be submitted for approval at the company’s Annual General Meeting on  June 22,  2021.

Commenting on the results, Mr Wassim Elhusseini, Managing Director and CEO of Nestlé Nigeria PLC, said: “Amidst a very challenging business environment in 2020, we strengthened market leadership across our categories.

“Thanks to our high performing team, we successfully continued to provide our consumers with high-quality affordable foods and beverages to enjoy every day.

Also read:  Seplat declares $10 per share total dividend for 2020

“In line with our purpose of unlocking the power of food to enhance quality of life for everyone today and for generations to come, we broadened our portfolio in 2020.

“To help our consumers fulfil their nutrition needs. Our latest innovation is the new GOLDEN MORN Multi-Cereal, fortified with Iron and other vitamins and minerals.”

Elhusseini said:“Going into 2021, which portends to be another challenging year, we will continue to focus on keeping our people safe.

“We will continue supply of high-quality nutritious foods and beverages to consumers as well as caring for our communities and the planet.

“ We will also keep supporting our business partners as we strengthen our operations to adapt to the rapidly changing reality,’’ he said.

 

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Maritime First