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)|
|Cost of Sales||-39,497,884||-41,705,831|
|Marketing and Distribution expenses||-10,371,484||-9,029,860|
|Results from operating activities||19,086,552||14,519,016|
|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.