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Nestle Nigeria Grows Revenue by 52% to N122b in Six Months

By Modupe Gbadeyanka

Nestle Nigeria Plc has announced its unaudited financial statements for the period ended June 30, 2017.

In the audited accounts, the firm posted strong earnings, increasing its revenue by 52 percent from N80.4 billion a year ago to N122 billion this time around.

Nestle Nigeria, which specialises in the manufacturing, marketing and distribution of food products, including purified water throughout the country, said its profit before tax stood at N24.5 billion as at June 30, 2017, compared with N896.5 million in the corresponding period of 2016.

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Furthermore, the firm recorded a profit after tax of N16.6 billion in the first half of this year in contrast to N535.8 million in the first half of last year.

In addition, the company said its gross profit rose to N24.9 billion in the period under review from N15 billion recorded 12 months ago.

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However, no share options were granted to the directors of Nestle Nigeria Plc, the financial statements said.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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