Nestlé Nigeria Plc has restated its commitment to boosting local capacity by working with local suppliers and using raw materials locally sourced in the country.
The Chairman of the Board of Directors of Nestle Foods Nigeria, David Ifezulike, disclosed this at the 54th annual general meeting of the company in Lagos as shareholders approved the payment of N61.50k final dividend for the 2022 financial year.
“Nestle in Nigeria has been able to use the materials that we find here. We have changed from using wheat to using a lot of maize and getting local protein from soya, and changed from barley malt to using sorghum malt, from using butter oil to using local palm oil and this we do by training the people who are supplying us the local ingredients as well.
“They don’t know what we really want but if we explain to them and help them, they do better work,” he said.
Daily Trust gathered that the dividend was due to 27 per cent revenue growth recorded by the company during the year under review.
The company posted revenue of N446.8 billion in the year under review against N351.8 billion achieved in the preceding period of 2021.
The company’s profit after tax during the review period stood at N48.9 billion compared with N40 billion in 2021, representing an increase of 22.3 per cent.
The Chairman of the Pragmatic Shareholders Association, Bisi Bakare, lauded the board for sustaining the growth of the company over the years.
“I notice that our five-year result, our financial performance has been consistently increasing from 2017 to 2022. We thank you for the dividend of N61.50k. You paid us N25 in December. We thank the entire board for the interim dividend because if you pay us the whole N61.50 in May this year, it will not be the same as you paid to us last year. We thank you for the interim dividend and the final dividend,” he said.
The company’s Managing Director, Wassim Elhusseini, attributed its growth to the unwavering commitment, dedication and ingenuity of its staff.
This, he said, was proof that success was built into the DNA of the organisation and that working together, they could thrive and even excel in the most trying environments.
Elhusseini pledged that in 2023, the company would continue to ensure the availability of affordable nutrition for individuals and families who depend on the company to nourish their families daily.
Meanwhile, the chairman also used the opportunity to introduce his successor, Gbenga Oyebode.