**Okays N22b Dividend Payment
By Dipo Olowookere
The positive performance recorded in 2017 by the management of Nestle Nigeria Plc has been applauded by shareholders of the company.
Speaking at the firm’s 49th Annual General Meeting (AGM) in Lagos, the shareholders said they were also excited that the company’s fundamentals remain strong.
At the meeting, they approved the payment of cash dividend of N21.8 billion proposed by the board of the firm for the year ended December 2017. Business Post reports that the N21.8 billion dividend represents N27.50k per share.
The board had earlier in 2017 declared an interim dividend of N11.890 billion, representing N15 per share. With the additional N21.8 billion paid by the firm, shareholders received a total of N33.69 billion for the year, representing N42.50k per share.
Chairman of Nestle Nigeria, Mr David Ifezulike, who presided over the AGM, assured shareholders that the firm will continue to give them more value for their investment.
He said Nestle Nigeria, despite the challenging business environment last year, delivered an impressive result.
According to him, the company will continue to implement the policies that have contributed to the company’s growth in recent times.
He said Nestle brands remain leaders in their various markets, stressing that the company will continue to work towards gaining more grounds.
According to him, this would be achieved with the use of the Popularly Positioned Products (PPP) strategy, which is aimed at educating consumers on the benefits of good nutrition delivered by the firm’s high-quality products.
He said with this, Nestle Nigeria should record more sales in the 2018 business year, which will in turn result into more earnings.
Mr Ifezulike told shareholders that “the increase by 34 percent of our sales in 2017 is evidence that consumers continue to trust our brands, a trust that we will continue to protect as we continue to protect as we strive to respond to their needs and their preferences.”
“In view of the foregoing and confident in the capacity of our people and the value of our brands, we look towards 2018 with optimism,” the Chairman said.
He thanked shareholders of Nestle Nigeria for having faith in the board and management of the company, assuring them that “we will not disappoint you.”
In the 2017 financial year, Nestle Nigeria grew its revenue by 34 percent to N244.2 billion, while the EBITDA went up by 41 percent to N62.2 billion and the profit after tax increasing by 326 percent to N33.7 billion.
