Nestlé Nigeria Plc announced its financial results for first quarter of 2018. The company continued its momentum from 2017 delivering a revenue of N 67.5 billion for Q1 2018, a growth of 10.3% over Q1 2017. The Company also posted a net profit of N 8.6 billion compared to N 8.4 billion in the same period of the previous year.
January March 2018 January March 2017 N’000 N’000 Revenue 67,463,648 61,151,517 Cost of Sales -41,705,831 -37,668,119 Gross Profit 25,757,817 23,483,398 Marketing and Distribution expenses -9,029,860 -8,047,962 Administrative expenses -2,209,312 -2,225,604 Results from operating activities 14,518,645 13,209,832 Finance income 281,299 2,601,188 Finance costs -1,159,888 -1,528,436 Net finance costs -878,590 1,072,752 Profit before income tax 13,640,055 14,282,584 Income tax expense -5,034,174 -5,923,757 Profit for the period 8,605,881 8,358,827
The Company continued to focus on demand creation activities for its existing and the new products launched in recent months. These include Nestlé MILO RTD, MAGGI Naija Pot and the new GOLDEN MORN Puffs.
Commenting on the results, Mr. Mauricio Alarcon, MD & CEO of Nestlé Nigeria Plc said, “We are pleased with the sustained growth of our Company amid the competitive environment. Sustained focus on creating value for our consumers and increased efficiency in our operations also contributed to our results. We continued to invest in our most important asset, our people, as well as in product innovation to delight consumers.”
Looking forward to the rest of 2018, we are optimistic that our current business model will keep on delivering satisfactory results to our shareholders and to society in line with our Creating Shared Value principle. Providing high-quality and affordable nutritious food and beverages which meet the needs and preferences of our consumers will remain in focus as we work alongside partners to build thriving and resilient communities through sustainable local sourcing and product innovation.”
The detailed financial statements are available on the Company’s website,www.nestle-cwa.com/en/investors/nigeria