Nestle grows sales to N287b

By Taofik Salako, Deputy Group Business EditorNigerias highest-priced stock and leading food and beverages company, Nestle Nigeria Plc grew sales to N287.1 billion in 2020, despite the lockdowns and disruptions witnessed during the year.Key extracts of the audited report and accounts of Nestle Nigeria for the year ended December 31, 2020 released at the Nigerian Stock Exchange (NSE) showed that sales rose marginally from N284.04 billion in 2019 to N287.08 billion in 2020.With cost of sales rising from N155.89 billion to N167.87 billion, gross profit dropped from N128.15 billion in 2019 to N119.21 billion in 2020. This set the trend for the bottom-line despite decline in operating expenses.Operating profit dropped from N72.06 billion to N64.46 billion. Profit before tax also declined from N71.12 billion in 2019 to N60.68 billion in 2020. After taxes, net profit stood at N39.25 billion in 2020 compared with N45.68 billion in 2019.The board of directors of the company has recommended a final dividend of N35.5, in addition to an interim dividend of N25 paid earlier, bringing total dividend per share for the 2020 business year to N60.50.Read Also:Nestl continues Nigerias shares mop upManaging Director, Nestl Nigeria Plc, Mr. Wassim Elhusseini, said the company strengthened its market leadership across its categories despite the very challenging business environment in 2020.He commended the high performing staff of the company for successfully continuing to provide consumers with high-quality affordable foods and beverages to enjoy every day.According to him, in line with the companys purpose of unlocking the power of food to enhance quality of life for everyone today and for generations to come, it broadened its portfolio in 2020 to help consumers fulfil their nutrition needs. The latest innovation is the new Golden Morn Multi-Cereal, fortified with iron and other vitamins and minerals.Going into 2021which portends to be another challenging yearwe 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, Elhusseini said.
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