Nestle Nigeria records post tax profit of N45bn, to pay N45 in final additional dividend
Nestlé Nigeria Plc has recorded a profit after tax of N45.6 billion for the year 2019 as against N 43 billion during the previous year. However, it said it posted a gross profit profit of N127.6 billion during the review year compared to N113.9 billion in 2018.
In a statement, the company said it posted revenue of N 283.9 billion during the period, reflecting 6.6 percent growth over the previous year.
The company is delighting its shareholders by proposing a dividend payout N45 per share, in addition to N 25 per share interim dividend already paid, putting the total dividend payout at N70 per share in 2019. This proposed dividend will be submitted for approval at the company’s annual general meeting on 2nd June 2020.
Mauricio Alarcon, managing director and CEO of Nestlé Nigeria Plc 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”.
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.
On the 2020 outlook,.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.
“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.