March 02, (THEWILL) – Nestlé Nigeria Plc recorded a surge in its revenue stream as its profit after tax (PAT), also closed in the green in the 2021 financial year.
In a statement published on Wednesday and made available to THEWILL, the company whose share is among the highest priced in the Nigerian Exchange, said it recorded a revenue surge of N351.8 billion representing 22.6 percent over the previous year when it posted N287 billion.
The PAT also followed the growth trajectory, hitting N40 billion against N39.25 billion in the corresponding year.
Gross profit for the year stood at N132.4 billion, compared to N119.2 billion during the preceding reporting period.
According to the release, in addition to the N25 per share interim dividend paid in December 2021, the Board proposed an additional dividend of N25.50 per share, making for a total dividend of N50.50 for 2021.
The food and beverage specialty firm said the proposed dividend will be submitted for approval at the company’s Annual General Meeting scheduled for June 29, 2022.
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 these 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.”
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
