Nestlé Nigeria 2021 Full Year Financial Results
By Trek Africa Newspaper
Nestlé Nigeria Plc announced its financial results for the year 2021. The company posted a revenue of N 351.8 billion recording 22.6% growth over the previous year. Gross profit for the year stood at N 132.4 billion, compared to N 119.2 billion during the previous year.
The Company posted profit after tax of N 40.0 billion for the year. The detailed financial results are published on Nestlé’s website.
Mr. Wassim Elhusseini, Managing Director and CEO of Nestlé Nigeria PLC
In addition to N 25 per share interim dividend paid in December 2021, the Board
proposed an additional dividend of N 25.50 per share making for a total dividend of
N 50.50 for 2021. This proposed dividend will be submitted for approval at the
company’s Annual General Meeting on 29
th June 2022.
Results:
2021
2020
N’000
N’000
Revenue
351,822,329
287,084,087
Cost of Sales
-219,419,757
-167,872,616
Gross Profit
132,402,572
119,211,471
Marketing and Distribution expenses
-48,097,581
-43,843,396
Administrative expenses
-11,881,844
-10,910,269
Results from operating activities
72,423,147
64,457,806
Finance income
2,059,782
646,546
Finance costs
-12,606,983
-4,426,686
Net finance costs
-10,547,201
-3,780,140
Profit before income tax
61,875,946
60,677,666
Income tax expense
-21,826,282
-21,426,418
Profit for the period
40,049,664
39,251,248
Commenting on the results, Mr. Wassim Elhusseini, Managing Director and CEO of Nestlé Nigeria PLC, said, “We commend everyone in our organisation for their contributions to the attainment of this impressive results in these challenging times. It is a testament of the consistent dedication and commitment of our employees to ensure that we continuously deliver value for our shareholders, our consumers, and the communities in
which we operate.“
“In 2022, our focus remains on ensuring the safety and wellbeing of our employees, as
well as providing affordable nutrition to enable consumers to nourish their families daily, while we work together to benefit mankind and our planet.
We will continue to push the boundaries of what is possible with foods, beverages, and
nutritional solutions to enhance quality of life and contribute to a healthier future for
everyone today and for generations to come.”
About Nestlé Nigeria:
Nestlé Nigeria is one of the largest food and beverage companies in Africa. For over 59 years, the company has been delighting consumers around Nigeria by consistently delivering high quality nutritious
food.
With a staff strength of over 2,200 direct employees, 3 manufacturing sites, 7 branch offices and a head office located in Lagos, the company produces and markets several iconic brands including NESTLÉ PURELIFE, GOLDEN MORN, MILO, MAGGI, and NESCAFÉ.
Nestlé’s purpose is to unlock the power of food to enhance quality of life for everyone today and for generations to come.
