Nigeria’s leading cereal producers, Nestlé Nigeria Plc, has posted a revenue of N283.9 billion and percentage growth of 6.
The results posted in Nestle website showed that gross profit for 2019 was N 127.6 billion, compared to N 113.9 billion in 2018.
The company posted a N45.6 billion as Profit After Tax for the year 2019 against N43.0 billion during the previous year.
In addition to N 25 per share interim dividend already paid, the Board proposed an additional dividend of N 45 per share, making for a total dividend of N 70 for 2019, a statement from the company said yesterday.
Managing Director and CEO of Nestlé Nigeria Plc, According to Mauricio Alarcon, said the proposed dividend would be submitted for approval at the company’s Annual General Meeting on June 2, 2020.
“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.
The company, he said, had 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 Plc 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 Plc’s CEO said.