Nestle grows first quarter revenue by 10%

By Afolabi Adesola

Nestle Nigeria Plc’s unaudited financial results for the first quarter ended March 31, 2018, shows an increase of 10.3 percent in revenue to N67.5 billion from N61.2 billion in the corresponding period of March 2017.

The results released via the Nigerian Stock Exchange (NSE), shows finance income dropped by 89.2 percent to N281 million from N2.6 billion and finance cost fell 24.1 percent from N1.5 billion in March 2017 to N1.2 billion as at March 2018.

The consumer good company’s profit before tax, thus fell by 4.5 percent to N13.6 billion from N14.3 billion reported in the previous year while a 15 percent tax reduction propelled a 3 percent profit after tax growth to N8.6 billion from N8.4 billion last year.

Financial highlights from the Bank’s balance sheet showed Cash and bank equivalents increased 63.6 percent to N24.8 billion from December 2017’s N15.1 billion, Trade and other receivables increased by 11.8 percent while Trade and other payables advanced 26.4 percent to N62 billion. Net assets for the company settled at N53.4 billion following a 19 percent increase from N44.9 billion declared in December 2017. The share price last traded at N1599 per share.