Sorry, you need to enable JavaScript to visit this website.

Nestlé Nigeria announces Q1 2019 Financial Results

Back to Press releases
Lagos, Nigeria
,
May 03, 2019

Report published


Nestlé Nigeria Plc announced its financial results for the first quarter of 2019. The company posted revenue of N 71.0 billion recording growth of 5.2% over the previous year. Gross profit for the period stood at N 31.5 billion, compared to N 25.8 billion during the previous year. The company posted a net profit of N 12.8 billion as compared to N 8.6 billion during same period of the previous year.


Q1 2019 Results


  January March 2019 (N’000) January March 2018 (N’000)
Revenue 70,966,754 67,463,648
Cost of Sales -39,497,884 -41,705,831
Gross Profit 31,468,870 25,757,817
Marketing and Distribution expenses -10,371,484 -9,029,860
Administrative expenses -2,010,834 -2,208,941
Results from operating activities 19,086,552 14,519,016
Finance income 504,003 281,299
Finance costs -469,353 -1,159,890
Net finance costs 34,650 -878,591
Profit before income tax 19,121,202 13,640,425
Income tax expense -6,274,881 -5,034,544
Profit for the period 12,846,321 8,605,881


In the first quarter of the 2019, Nestlé Nigeria continued its emphasis on creating demand as well as strengthening brand loyalty programs to increase market penetration. The company also continued to focus on Creating Shared Value for society and its shareholders by delivering high quality nutritious products to consumers and contributing to the growth of the local economy through local sourcing and increasing access to clean drinking water in the communities where it operates.

Commenting on the results, Mr. Mauricio Alarcon, Managing Director & CEO of Nestlé Nigeria Plc said, “We are pleased with the sustained growth of our company, the loyalty of our consumers and the discipline and dedication of our people to provide tastier and healthier foods and beverages”.

Outlook:

Looking forward to the rest of 2019, we are optimistic that our current business model will keep delivering satisfactory results to our shareholders and to society in line with our Creating Shared Value principle. Providing high-quality and affordable nutritious products which meet the needs and preferences of our consumers will remain our priority as we help build thriving, resilient communities through sustainable local sourcing and continuous product innovation.

The detailed financial statements are available on the Nestlé Central and West Africa website: www.nestle- cwa.com/en/investors/nigeria.

Article Type