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Nestle Nigeria Plc announces financial results for Q3 2019

Mauricio Alarcon, Nestle Nigeria’s MD/CEO

 

By Peter Ejiofor
Lagos, Nov. 8, 2019

Nestlé Nigeria Plc has announced its financial results for nine months period ending Sept. 30, 2019.

The financial results made available to the News agency of Nigeria (NAN) on Friday in Lagos, showed that for the period January to September 2019, the company recorded a revenue of N211.3 billion – a growth of 4.0 percent over the same period in the previous year and a profit after tax of N36.8 billion.

According to the unaudited financial statements of the company, Nestlé Nigeria Plc posted a revenue of N69.4 billion and profit after tax of N10.6 billion in Q3 2019.

It said that the Board of the company at its meeting held on Oct. 29, 2019 approved an interim dividend of N25 per share.

 

January September 2019 January September 2018
                                 N’000                                  N’000
Revenue 211,347,366 203,134,728
Cost of Sales -115,034,914 -116,984,764
Gross Profit 96,312,452 86,149,964
Marketing       and         Distribution expenses -32,311,773 -29,739,809
Administrative expenses -6,950,823 -7,050,143
Results from operating activities 57,049,856 49,360,012
Finance income 1,076,027 1,389,846
Finance costs -1,572,274 -2,661,306
Net finance costs -496,247 -1,271,460
Profit before income tax 56,553,609 48,088,552
Income tax expense -19,712,279 -14,970,265
Profit for the period 36,841,330 33,118,287

Mr Mauricio Alarcon, Managing Director and CEO of Nestlé Nigeria Plc said, “We are pleased to have again, recorded revenue growth in the increasingly volatile business environment.

“This indicates the strength of our brands and our consumers’ appreciation of the high quality affordable nutritious food and beverages we offer to Nigerians every day.

“As we approach the last quarter, we will maintain focus on efficient execution while we accelerate our marketing investments to expand the accessibility of our products.’’

The company said that detailed financial statements were available on the company’s website, https://www.nestlecwa.com/en/investors/nigeria/full-year-quarter-reports

Nestle Nigeria Plc began trading operations in Nigeria in 1961 and has grown into the leading Food and Beverage Company in West Africa.

It employs around 2,400 people and has three world-class factories.

The company manufactures and markets a range of highly nutritious brands, including NESTLE PURE LIFE, GOLDEN MORN, MILO, KITKAT, MAGGI, NESCAFE AND CERELAC.

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