Food and Beverage Company, Nestle Nigeria Plc. has declared a dividend of N25.50k per ordinary share for the financial year which ended on December 31, 2021, and is to be paid on June 30, 2022.
This was approved at the 53rd Annual General Meeting (AGM) which was held at its corporate head office at Ilupeju in Lagos.
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Though a decline from the N35.50 dividend declared in 2020, the shareholders expressed happiness given the tough business environment occasioned by COVID-19 and other factors.
The company had earlier paid an interim dividend of N25 to its shareholders, totalling N50.50k dividend per share for the year under review.
During the AGM, the company among other things presented its annual financial report for the year 2021, showing a 23 per cent turnover growth from 2020 to 2021 which grew to N351.8billion from N287billion in 2020.
Also, its profit after tax rose to N40billion in 2021 from 39.2billion in the preceding year, showing a 2 per cent increase in profit after tax over 2020. It also recorded a 12 per cent increase in operating profit between 2020 and 2021, which rose from N64.4bn in 2020 to N72bn in 2021.
One of the shareholders, Chief Timothy Adeshiyan expressed satisfaction over the financial report of Nestle. “Nestle is a class by itself by all standards. They are innovative, focused and enhancing the lives of citizens,” he said.
In his statement at the meeting, the chairman of the company, Mr David Ifezulike said that the company’s focus in 2021 was on continuously ensuring the provision of affordable, safe and high-quality nutritious products to consumers in Nigeria, despite the difficult business environment and the challenges created by COVID-19 pandemic.
He noted that the year 2022 is predicted to be another challenging year with the residual effects of COVID-19 on the economy, the global disruption of the supply chain and the increasing cost of doing business.
The chairman, however, assured that the company will continue to focus on ensuring the availability of high-quality affordable nutrition for individuals and families.
