Nestlé Nigeria grows revenue of 22.6 % growth over previous year.
Nestlé Nigeria Plc has announced its financial results for the year 2021. The company posted a revenue of N 351.8 billion recording 22.6% growth over the previous year.
Gross profit for the year stood at N132.4 billion, compared to N119.2 billion during the previous year. The Company posted profit after tax of N40.0 billion for the year. The detailed financial results are published on Nestlé’s website.
In addition to 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. This proposed dividend will be submitted for approval at the company’s Annual General Meeting on 29th June 2022.
Results:
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.”
