Nestle Shareholders Approves N21.798bn as a Final Dividend

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Shareholders of Nestle Nigeria Plc on Tuesday May 22, 2018 at the Company Annual General Meetings (AGM) approved the board of directors and managements’ N21, 798, 046, 000 representing N27.50 kobo that was proposed as final dividend for the full year ended December 31, 2017. The approved dividend is aside N15 interim dividend that was paid last, which now makes it a total dividend of N42.50 kobo for 2017 financial year.

Shareholders who applauds and gave the board and management commendation at the company 49th AGM held in Lagos said the 2017 audited financial statement performance was stellar, some of the shareholders advised the board of directors on a numbers of areas, which includes consideration of bonus this year, appointment of a minority shareholders in the board, and the need to maximize the water factory located in Abaji, Abuja.

Responding to shareholders questions, Chairman of the company Mr David Ifezulike explained that all yours concerns will be looked into, as the company intends to sustain growth that will benefits all stakeholders, he added.

Earlier he said in line with the policy of making our shareholders the ultimate beneficiaries of our business growth, the board recommends for the consideration and approval of the shareholders at this meeting, a final dividend of N21,798, 046, 000 or N27.50 kobo per ordinary share. If the dividend is approved by the shareholders, payment will be made on Wednesday May 23, 2018, subject to the deduction of withholding tax at the applicable rate, he added.

Ifezulike pointed out that the company’s products remained the leaders in their categories adding that the company will increase its focus in marketing efforts on driving penetration through the Popularly Positioned Products (PPP) strategy which will continuing to educate consumers on the benefits of good nutrition delivered by the company high quality products.

“The increase by 34 percent of our sales in 2017 is evidence that consumers continue to trust our brands, a trust that we will continue to protect as we strive to respond to their needs and their preferences”

Nestle boss also used the opportunity to highlight some of the company’s achievement, which includes providing means of livelihood to thousands of farmers who supply the raw materials used in their factories. “We also provided 20,000 litres of clean potable water daily to 1,800 people who live in close proximity to our factories”

He pointed out that the grain quality improvement project which is aimed at reducing Mycotoxin contamination through good farming and storage practices in partnership with International Fertilizer Development Center (IFDC), reached an additional 15,000 farmers in 2017. According to him the company also achieved a significant milestone by linking the farmers to financing to facilitate access to inputs thereby further increasing the profitability of their farm produces.

On the outlook for 2018, he said the economy is more promising than last year while noting that this outlook is anchored in higher oil production and higher prices, while stressing that there is also high expectation of stronger agricultural performance.

Reflecting on 2017 operating results shows that revenue increased by 34 percent and profit after tax was up by 326 percent, despite the high operating costs driven by the increased prices of most raw materials and inputs.


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