Nestlé Nigeria Plc has announced its financial results for the year 2019, posting a profit after tax that rose by 19 per cent to N71.1billion compared to N59.75billion reported in 2018.
Also, the company reported N45.6 billion as Profit After Tax for the year, six per cent increase over N43 billion during the previous year.
Also from the profit & loss figures, the company in its results to the Nigerian Stock Exchange (NSE) reported that revenue for the year closed at N264 billion, compared to N266.27 billion reported in 2018.
In addition to N25 per share interim dividend already paid, the Board proposed an additional dividend of N 45 per share, making for a total dividend of N70 for 2019, a statement from the company said on Tuesday.
According to the Managing Director and CEO of Nestlé Nigeria, Mauricio Alarcon the proposed dividend will be submitted for approval at the company’s Annual General Meeting on June 2, 2020.
He 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,” Alarcon said.
According to him, 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,’’ he said.
On the 2020 outlook, Alarcon said that Nestle Nigeria would continue to focus on the innovation and the renovation of 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,’’ the Nestle Nigeria’s CEO said.