Nestlé Nigeria Plc posts N26.2bn PAT in first half of 2019

Leader in the FMCG sector, Nestlé Nigeria Plc, has announced a profit after tax of N26.246 billion for the six months ended 30 June 2019.

According to the unaudited financial statements made available to the Nigerian Stock Exchange (NSE) on 26 July, 2019, the figure represents a growth of 22 percent from the N21.798 billion recorded in same period of last year.

Profit before tax gained by 27 percent to N40.436 billion as against N31.872 billion last year.

Revenue for the period grew by five percent to N141.909 billion from N135.295 billion in the comparable period of 2018. Of the total revenue, the sum of N 139.767 billion was generated from the sale of goods within Nigeria, while N2.142 billion came from exports.

The company declared a dividend of N30.517 billion, a surge of 40 percent from the N21.798 billion declared in 2018. The company has 28,942 shareholders in its books, with majority shareholding by Nestlé S.A, Switzerland with 66.18 percent. Another major shareholder is Stanbic IBTC Nominees Limited with 8.37 percent.

The share capital remained at N396.328 million from last year, while total assets rose from N162.334 billion in 2018 to N163.515 billion in 2019.

Commenting on local input in its operations, the company said; “On a continuing basis, the Company explores the use of local raw materials in its production processes and has successfully introduced the use of locally produced items such as soyabean, maize, cocoa, palm oil and sorghum in a number of its products.”