By Dipo Olowookere
The board of Nestle Nigeria Plc has announced the financial performance of the company for the period ended June 30, 2019.
Details of the financial statements showed that the revenue generated improved in the period under review to N141.9 billion from N135.3 billion in the same time of last year.
It was further disclosed that the cost of sales reduced to N75.8 billion from N79.7 billion, while the gross profit increased to N66.1 billion from N55.6 billion.
In the results, the firm said its marketing and distribution expenses gulped N21.3 billion against N19.0 billion in H1 2018, with the administrative expenses chopped N4.37 billion in contrast to N4.39 billion.
While the finance income increased to N891.1 million from N838.2 million, the finance costs dropped to N888.7 million from N1.1 billion.
In the first half of this year, the profit before tax posted by the company was N40.4 billion versus N31.9 billion, while the profit after tax rose to N26.3 billion against N21.6 billion in H1 2018.
Commenting, the firm said its growth was the result of consistent investment behind its brands, intensified efforts to communicate with consumers and continuous investment in route to market to deliver better value to consumers.
“We thank our consumers for their trust and continued loyalty as well as commend the discipline and dedication of our people for driving sustainable and profitable growth.
“Amid a challenging economic context, we are confident in our company’s capacity to innovate to keep delighting our consumers with nutritionally superior products and foster our people’s ability to win.
“In turn, these investments will continue to Create Shared Value for our shareholders and for the people of Nigeria.
“In line with our purpose, which is enhancing quality of life and contributing to a healthier future, we will remain focussed on enabling thriving and resilient communities through local sourcing, expanding the commercialisation of our food and beverages to deliver accessible and affordable nutrition to more people and strengthening our value chain to gain further efficiencies.”
