By Kayode Tokede
Nestle Nigeria plc has reported 13 per cent decline in profit in nine months ended September 30, 2020 to N31.9billion compared to N36.84billion reported in nine months ended September 30, 2019.
Also, profit before tax of Nestle Nigeria dropped by 13 per cent to N49.26billion in nine months of 2020 from N56.55billion reported in nine months of 2019.
From the profit & loss figures, the international company reported one per cent increase in revenue to N212.23billion in nine months of 2020 from N211.25billion reported in nine months of 2019.
Despite the decline in profits, the management of Nestle Nigeria declared interim dividend of N25.00 per 50kobo ordinary share, translating into N35.7billion in nine months of 2020, 17 per cent increase over N30.52billion reported in nine months of 2019.
While commenting on the half year 2020 results, Managing Director of Nestlé Nigeria, Mauricio Alarcon said, “These results illustrate the resilience of our company.
“Amidst the on-going COVID-19 pandemic, Nestlé Nigeria has delivered consistent results in terms of revenue while exchange rate variations and increase in the price of some key materials have affected profitability.
“While it is still early to assess the impact of this crisis, we are fully confident in our people’s agility and deep commitment to overcome challenges and continue to deliver value for our shareholders and for society.
“Going forward, we will remain focused on three key priorities which include safeguarding the health and wellbeing of our people, ensuring business continuity to meet consumer needs and supporting our communities,’’ he said.
Alarcon said that Nestle Nigeria recognizes its responsibility to bring affordable, safe and high-quality nutrition to everyone.
He said it would continue to work tirelessly to meet the needs of the millions of Nigerians who rely on it to feed their families every day.
“We will achieve this by unlocking the power of food to enhance quality of life for everyone today and for generations to come,’’ the MD said.