Nestle Nigeria declares 10.5% increase in gross profit to N131.8bn

By Philemon Adedeji

Nestle Nigeria PLC on Tuesday 8th of March declared 10.5 per cent increase in gross profit for 2021,for full year audited results, from N119.2 billion at the end of 2020 financial year to N131.8 billion at the end of December 31, 2021.

The group on the Nigerian exchange limited (NGX) reported increase in profit to 2.1 per cent from N39.2 billion in twelve months of 2020 to N40.04 billion 2021.

Also, the group reported net finance cost which appreciated with huge improvement of 167 per cent from N3.78 billion at the end of 2020 financial year to N10.09 billion at the end of December 31, 2021.

From the data released by Nigeria Exchange limited (NGX) reveals that the group total assets grew from N246.18 billion in the corresponding period of 2020 to N310.23 billion in the current period of 2021, the result recorded reveals huge increase of 26 per cent.

Basic earnings per share recorded for the period rose by 2.1 per cent from N49.47 in full year of 2020 to N50.51 in full year of 2021.

According to the company secretary, Mr Bode Ayeku, Commented that everyone in the organization has been congratulated for their contributions to the attainment of the impressive results in these period of challenge.

He said again that the organization will continue to push the boundaries of what is possible with foods,beverages and nutritious solution to enhance quality of life and continue to a healthier future for everyone today and for the generation to come.

The company focus in 2022,remains on ensuring the safety and well being of their employers and also to produce affordable  nutrition to enable consumers to nourish their families daily,as the company work together for the benefit of mankind.