Nestlé Nigeria Plc has announced its financial results for the year 2019, posting improved bottom-line and declaring a final dividend of N45 per share. Audited results showed that the company posted revenue of N 283.9 billion, indicating an increase of 6.6 per cent above the N266.275 billion realised in 2018.
AGross profit for the year stood at N127.6 billion, compared to N113.9 billion during the previous year.
Marketing and distributions costs rose from N43.489 billion to N45.886 billion, while administrative expenses fell from N9.789 billion to N9.589 billion. The net financing cost rose from N889 million to N938 million.
However, Nestle Nigeria ended the year with profit before tax (PBT) of N71.212 billion compared with N59.751 billion, while profit after tax (PAT) rose from N43.008 billion to N45.651 billion in 2019.
The board of company proposed a final dividend of N45 per share in addition to the N25 interim dividend earlier paid to bring the total 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.”
According to him, 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.
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.”
He said they 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,” he said.