Nestlé Nigeria announces Q1 2019 Financial Results, posts N12.8 billion profit

#TrackNigeria – Nestlé Nigeria Plc says it has posted a net profit of N12.8 billion in the first quarter of 2019 compared to N 8.6 billion during same period of the previous year.

In its result announced on Thursday, the company said it generated a revenue of N 71.0 billion recording growth of 5.2 per cent over the previous year.

“The company’s Gross profit for the period stood at N 31.5 billion, compared to N25.8 billion during the previous year,’’ it said in a statement.

Q1 2019 Results:

January March 2019January March 2018
                                  N’000                                  N’000
Cost of Sales-39,497,884-41,705,831
Gross Profit31,468,87025,757,817
Marketing and Distribution expenses-10,371,484-9,029,860
Administrative expenses-2,010,834-2,209,312
Results from operating activities19,086,55214,518,645
Finance income504,003281,299
Finance costs-469,354-1,159,888
Net finance costs34,648-878,590
Profit before income tax19,121,20113,640,055
Income tax expense-6,274,881-5,034,174
Profit for the period12,846,3208,605,881

“In the first quarter of the 2019, Nestlé Nigeria continued its emphasis on creating demand as well as strengthening brand loyalty programmes to increase market penetration.

The company also continued to focus on Creating Shared Value for society and its shareholders by delivering high quality nutritious products to consumers and contributing to the growth of the local economy through local sourcing and increasing access to clean drinking water in the communities where it operates,’’ it said.

Commenting on the results, Mr Mauricio Alarcon, Managing Director & CEO of Nestlé Nigeria Plc said, “We are pleased with the sustained growth of our company, the loyalty of our consumers and the discipline and dedication of our people to provide tastier and healthier foods and beverages.’’

He said that looking forward to the rest of 2019: “We are optimistic that our current business model will keep delivering satisfactory results to our shareholders and to society in line with our Creating Shared Value principle.

“Providing high-quality and affordable nutritious products which meet the needs and preferences of our consumers will remain our priority as we  help build thriving, resilient communities through sustainable local sourcing and continuous product innovation.’’

Nestle Nigeria began simple trading operations in Nigeria in 1961 and has grown into a leading food manufacturing and marketing company.

Nestle Nigeria is the biggest food and beverage company in West Africa and employs more than 2,100 people and also has thre world-class factories.

The company manufactures and marklets a range of high quality brands, including NESTLE PURE LIFE, GOLDEN MORN, MILO, KITKAT, MAGGI, NESCAFE and CERELAC. (NAN)

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