Nestle Nigeria Plc has released its audited full-year financial statement for the year ended December 31, 2019. In the notification, which was made available to the Nigerian Stock Exchange, the multinational firm disclosed that it had a 19% increase in profit.
The revenue for the company for full-year 2019 was about N284.04 billion as against the N266.27 billion in the corresponding period for 2018. This represents an approximately 7% increase.
The profit before tax for the period under review is N71.12 billion as against the N59.75 billion that was achieved in 2018. This represents a 19% increase. The profit after tax for 2019 was N45.68 billion as against the N43,01 billion recorded in 2018. This shows an approximately 6% increase.
In a related development, the board of directors is proposing a total dividend of N50.33 billion in 2019. This represents a 34% increase over the N37.65 billion that was paid in the corresponding period for 2018
Dividend: The directors of the company proposed a final dividend payment of N45 per share on the issued share capital of 792,656,252 ordinary shares of 50k each. This is in addition to the interim dividend of N25 that was declared earlier during the year. The proposed final dividend by the directors is subject to the approval of the shareholders at the Annual General Meeting (AGM) and subject to the deduction of withholding tax at the applicable rate.
Nestle Nigeria Plc, which is a subsidiary of the Swiss Giant Nestle S.A., is one of the largest food and beverage companies in Africa. The publicly-listed firm, which was founded in 1961, has its headquarters in Lagos and its main factory in Agbara Industrial Estate, Ogun State. It began trading on the Nigerian Stock Exchange in 1979.
The company produces and distributes several iconic brands that include Maggi, Milo, Golden Morn. Nescafe, Nido, Nutrend, Lactogen and so on.