Nestle Nigeria Plc recorded revenue of N67.463 billion for the first quarter fi nancial year, ended January 31, 2018. The revenue increased by N6.312 billion or 10.32 per cent compared with N61.151 billion in January 2017. The company cost sales went to N41.705 billion from N37.668 billion reported the same period last year, while gross profit rose from N23.483 billion to N25.757 billion.
The company profit before tax declined to N13.640 billion from N14.282 billion representing a drop of N642 million or 4.495 per cent. The company paid tax of N5.034 billion against N5.923 billion paid the previous year bringing profit for the year to N8.605 billion from N8.358 billion posted in the same period of 2017. Finance Costs which stood at N1.528 billion in the preceding period dropped to N1.159 billion while administrative expenses dropped to N2.208 billion from N2.225 billion. The Company said it will continue to focus on demand creation activities for its existing and the new products launched in recent months.
The products include Nestlé MILO RTD, MAGGI Naija Pot and the new Golden Morn Puff s.
The management of the company said that with the sustained growth of our Company amid the competitive environment, sustained focus on creating value for our consumers and increased efficiency in our operations also contributed to our results. The company said it will continue continued to invest in our most important asset, our people, as well as in product innovation to delight consumers.
Looking forward to the rest of 2018, the management said “we are optimistic that our current business model will keep on delivering satisfactory results to our shareholders and to society in line with our Creating Shared Value principle. Providing high-quality and affordable nutritious food and beverages which meet the needs and preferences of our consumers will remain in focus as we work alongside partners to build thriving and resilient communities through sustainable local sourcing and product innovation.”
