Nestle Nigeria Nestle Nigeria Plc will pay shareholders N25.50k dividend per ordinary share for the financial year ended December 31, 2021, today.
This was approved at the 53rd Annual General Meeting (AGM) which was held at its corporate head office at Ilupeju in Lagos, Wednesday.
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The company had earlier paid an interim dividend of N25, totalling N50.50k per share.
Though a decline from the N60.50 dividend paid in 2020, the shareholders expressed happiness, given the tough business environment occasioned by COVID-19 and other factors.
During the AGM, the company, among other things, presented its annual financial report for the year 2021, which showed a 23 per cent turnover growth from 2020 to 2021 from N287 billion to N351.8bn.
Its profit after tax rose by 2% to N40bn from N39.2bn in 2020 while it recorded 12% increase in operating profit, rising from N64.4bn to N72bn just as market capitalization rose from N1.193bn in 2020 to N1.233bn in 2021.
A shareholder, Chief Timothy Adeshiyan, was satisfied with the financial report. He said, “Nestle is a class by itself and by all standards. They are innovative, focused and enhancing the lives of citizens.”
Chairman of the company, Mr David Ifezulike, said the business environment has been very difficult in the past two years, due to insecurity and cost of doing business, among others.
He also said this year is still challenging with the global disruptions and residual economic effects of COVID-19.
The shareholders also considered the fixing of remuneration for Directors, as well as a review of the company’s Memorandum and Articles of Association.
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