Nestle Nigeria grows net profit by 5% to N33.6bn

Nestle Nigeria, the nation’s biggest consumer goods company by market capitalisation, says it recorded a net profit of N33.6 billion for the nine-month period ended September 30, 2021.

This represents a 5.1 percent year-on-year (y/y) increase compared with N31.93 billion recorded in the corresponding period in 2020 (9M’20).

According to the unaudited financial results for the first nine months of the year, the company’s revenue grew by 22.9 percent at N261.6 billion in 2021 from N212.7 billion in the same period in 2020.

For the nine months, the cost of sales stood at N160.3 billion from N122.7 billion, leaving gross profit at N101.29 billion from N90.02 billion in 2020.

In three months (July to September), Nestle Nigeria said it recorded a revenue of N90.2 billion and profit after tax of N 11.9 billion.

The management also approved an interim dividend of N25 per share.

Commenting on the results, Wassim Elhusseini, chief executive officer of Nestlé

Nigeria Plc said: “We are pleased with the Q3, 2021 performance of our Company which is again, a testament to the dedication and commitment of our people to ensure that we continue to deliver value for our

shareholders, our communities and our consumers.”

“It is clear that the business environment will continue to change rapidly during this COVID-19 era. We will, therefore, continue to adapt to new ways of working, ensuring that our business remains agile to continuously deliver our promise of affordable nutritious food and beverages to meet the needs of our consumers.”