Nestle posts N287.08bn revenue, declares N60.50 final dividend for 2020

Nestlé Nigeria Plc has reported revenue of N287.08 billion for the 2020 financial year.

The company’s audited result released on the Nigerian Stock Exchange showed that the revenue was higher by 1.1 per cent in contrast with N284.04 billion recorded in 2019 comparative period.

Gross profit for the year stood at N 119.21 billion compared with N128.15 billion achieved in the corresponding period of 2019.

Also, the company posted profit after tax of N39.25 billion during the review period against N45.68 billion in 2019.

The board in addition to N25 per share interim dividend already paid in December 2020, proposed an additional dividend of N 35.50 per share making for a total dividend of N60.50 for 2020.

The proposed dividend would be submitted for approval at the company’s Annual General Meeting on June 22.

Commenting on the results, Mr Wassim Elhusseini, Managing Director and CEO of Nestlé Nigeria, said that the company strengthened market leadership across its categories.

“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,” Elhusseini said.

Speaking on future outlook, he said that the company would remain committed to supply of high-quality nutritious foods and beverages to consumers.

“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,” he said.