Nestlé Nigeria Plc announced its financial results for the year 2020. The company posted revenue of N 287.1 billion recording 1.1% growth over the previous year. Gross profit for the year stood at N 119.2 billion, compared to N 128.1 billion during the previous year. The Company posted profit after tax of N 39.3 billion for the year. In addition to N 25 per share interim dividend already paid in December 2020, the Board proposed an additional dividend of N 35.5 per share making for a total dividend of N 60.5 for 2020. This proposed dividend will be submitted for approval at the company’s Annual General Meeting on 22nd June 2021.
Results :
| 2020 | 2019 | |
| N’000 | N’000 | |
| Revenue | 287,084,087 | 284,035,255 |
| Cost of Sales | -167,872,616 | -155,888,473 |
| Gross Profit | 119,211,471 | 128,146,782 |
| Marketing and Distribution expenses | -43,843,396 | -46,076,786 |
| Administrative expenses | -10,910,269 | -10,007,950 |
| Results from operating activities | 64,457,806 | 72,062,046 |
| Finance income | 646,546 | 1,328,872 |
| Finance costs | -4,426,686 | -2,267,094 |
| Net finance costs | -3,780,140 | -938,222 |
| Profit before income tax | 60,677,666 | 71,123,825 |
| Income tax expense | -21,426,418 | -25,440,711 |
| Profit for the period | 39,251,248 | 45,683,114 |
Commenting on the results, Mr. Wassim Elhusseini, Managing Director and CEO of Nestlé Nigeria PLC, said, “Amidst a very challenging business environment in 2020, we strengthened market leadership across our categories. Thanks to our high performing team, we successfully continued to provide our consumers with high-quality affordable foods and beverages to enjoy every day.”
“In line with our purpose of unlocking the power of food to enhance quality of life for everyone today and for generations to come, we broadened our portfolio in 2020 to help our consumers fulfil their nutrition needs. Our latest innovation is the new GOLDEN MORN Multi-Cereal, fortified with Iron and other vitamins and minerals.” Going into 2021 – which portends to be another challenging year – we will continue to focus on keeping our people safe, continued supply of high-quality nutritious foods and beverages to consumers as well as caring for our communities and the planet. We will also keep supporting our business partners as we strengthen our operations to adapt to the rapidly changing reality.”
