Nestle Nigeria’s revenue hits N80bn

Nestle Nigeria Plc has announced a 22 per cent growth in its revenue to N80 billion at the end of the first half of the year ended, June 30, 2016.
The percentage growth represents N14.08 billion difference from N65.92 billion the company posted at a comparative time in 2015 on a year-on year basis, according to the financial report obtained by our correspondent.
While the company’s  gross profit sustained upward movement by 14 per cent from N28.67 billion in 2015 to N32.73 billion this time around, its total profit for the period nosedived drastically by 97 per cent from N8.89 billion at the end of June 2015 to N535.81 million the same time in 2016.
In the report, signed by Bode Ayeku, company secretary and legal adviser of Nestle Nigeria Plc, the board and management would continue to implement measures and cost saving initiatives to address the macroeconomic challenges and remain fully committed to the long term potential of the business in Nigeria.