Nestlé Nigeria’s revenue grows by 22.6% to N352bn from 287bn in 2020 

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…….proposed an additional dividend of N25.50 per share

The management of Nestlé Nigeria Plc has announced the company’s financial results for the year 2021 under review recorded a revenue growth of N351.8 billion representing 22.6% over N 287.1 billion recorded in the previous year. The report also disclosed that the gross profit for the year stood at N132.4 billion, compared to N 119.2 billion during the previous year. While the other key indicator in Company performance profit after tax recorded N40.0 billion as against N39.3billion for the year. Further detailed of the financial results please visit the company’s Nestlé’s website.

The report further revealed that the company in addition to N25 per share interim dividend paid in December 2021, the Board proposed an additional dividend of N 25.50 per share making for a total dividend of N 50.50 for 2021. This proposed dividend will be submitted for approval at the company’s Annual General Meeting on 29th June 2022, it stated.

This is the results chart at a glance:

 2021                                                                      2020
                                                                               N’000                                                                    N’000
Revenue                                                              351,822,329                                                       287,084,087
Cost of Sales                                                      -219,419,757                                                      -167,872,616
Gross Profit                                                         132,402,572                                                         119,211,471
Marketing and Distribution expenses                 -48,097,581                                                           -43,843,396
Administrative expenses                                     -11,881,844                                                            -10,910,269
Results from operating activities                         72,423,147                                                             64,457,806
Finance income                                                    2,059,782                                                                   646,546
Finance costs                                                    -12,606,983                                                               -4,426,686
Net finance costs                                              -10,547,201                                                                -3,780,140
Profit before income tax                                     61,875,946                                                               60,677,666
Income tax expense                                         -21,826,282                                                              -21,426,418
Profit for the period                                            40,049,664                                                               39,251,248



Commenting on the results, Mr. Wassim Elhusseini, Managing Director and CEO of Nestlé Nigeria PLC, said, “We commend everyone in our organisation for their contributions to the attainment of this impressive results in these challenging times. It is a testament of the consistent dedication and commitment of our employees to ensure that we
continuously deliver value for our shareholders, our consumers, and the communities in which we operate. “

“In 2022, our focus remains on ensuring the safety and wellbeing of our employees, as well as providing affordable nutrition to enable consumers to nourish their families daily, while we work together to benefit mankind and our planet.
We will continue to push the boundaries of what is possible with foods, beverages, and nutritional solutions to enhance quality of life and contribute to a healthier future for everyone today and for generations to come.”

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