Nestle Plc recorded N351.8bn revenue in 2021 | Dailytrust

Nestle Plc recorded N351.8bn revenue in 2021

Nestle Nigeria Plc recorded revenue of N351.8 billion as of the year ended Dec. 31, 2021, representing 22.6% growth over the N287.08 billion posted in 2020.

According to the firm’s audited financial statements, 98.5% of its revenue for the year came from Nigeria, while the rest was contributed by exports to some markets within the West Africa region.

Its gross profit for the year stood at N132.4 billion, compared to N119.2 billion recorded in 2020.

The company posted a profit after tax of N40 billion for the year as against the N39.25 billion in 2020.

The company said in a statement signed by its Corporate Communications and Public Affairs Manager, Mrs Victoria Uwadoka, that the board proposed an additional dividend of N25.50 per share in addition to the N25 per share interim dividend paid in December 2021, making for a total dividend of N50.50 for 2021.

The Managing Director and CEO of Nestle Nigeria Plc, Mr Wassim Elhusseini, commended everyone in the organisation for their contributions to the attainment of impressive results, especially in challenging times.

Vetiva Capital Management Limited in a release noted that the dividend by Nestle Nigeria Plc is lower than the previous year, which was N65.50.

Vetiva’s analyst, Chima Ukadike, noted that dragged by tough cost factors, margins have continued to weaken, despite the evident momentum in revenue, adding that with a persistent rise in raw material costs, the cost of sales has jumped by an average of 19% in the past two years.

It added that although Nestle’s imports have reduced to 47%, compared to 53% in 2020, the challenges in the FX market have heightened costs.

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