Nestle Nigeria Grows Turnover by 11% to N135b in Six Months

By Modupe Gbadeyanka

The company with the highest share price on the Nigerian Stock Exchange (NSE), Nestle Nigeria Plc, has released its financial statements for the first half of 2018.

The firm recorded an encouraging performance during the period under review with its revenue growing by 11 percent to N135.3 billion from N121.9 billion in the same period of 2017.

Also, the profit from operating activities increased to N32.2 billion from N26.7 billion, while the gross profit went up to N55.6 billion from N48.3 billion.

During the period under review, the cost of sales increased by 8.4 percent to N79.7 billion from N73.6 billion, while the selling and distribution expenses rose to N19 billion from N16.9 billion, with the administrative expenses reduced to N4.4 billion from N4.98 billion.

Business Post reports that the profit before tax rose by 30.3 percent to N31.9 billion from N24.5 billion, while the profit after tax increased by 29.7 percent to N21.5 billion from N16.6 percent.