Nestle Nigeria Declares $54 Million Profit in H1: 2017
NESTLÉ Nigeria Plc, in its financial results for the half year ended June 30, 2017, has declared N16.5 billion profits after tax.
According to the financial result released to the Nigerian Stock Exchange (NSE), the Company delivered huge progress, showing profit after tax of N16.5 billion for the period under review as against N535.8 million made in 2016.
The company also made a turnover growth of 52 per cent in H1:2017 having recorded N121.9 billion in revenue when compared to N80.4 billion made in H1:2016
Gross profit stood at N48 billion, compared with N32 billion in 2016. Results from operating activities improved from N14 billion in 2016 to N26 billion.
Speaking on the appreciations in its financial book for the period under review, Mauricio Alarcon, Managing Director /Chief Executive Officer of Nestlé Nigeria said, “We are particularly pleased with the growth which is an affirmation of the loyalty and trust of our consumers in our brands. The result is also due to the hard work of our people, and our distribution network.
“The Board and the management remain confident that our strategic roadmap will continue to leverage on the potential of the business and the Company will further increase investments behind brand and route-to-market activities while proactively managing input cost pressures.”
Source: Nigerian Tribune
Business & Finance