Fast Moving Consumers Goods Company, Nestlé Nigeria Plc has declared a profit of N48.965 billion from N40.037 billion recorded in 2021 with a 22 percent growth rate year-on-year.
In its annual report for the year ended December 31, 2022, the company stated that it recorded a 27 percent growth in revenue of N446.819 billion as against the N351.822 billion generated in 2021.
Gross profit for 2022 stood at N155.8 billion, an 18.2 percent increase over 2021 while profit after tax of N48.9 billion was recorded for the year 2022, which represents a 22.3 percent increase over 2021.
The report added that the Board of the Company proposed an additional dividend of N 36.50k, in addition to the N25.00 per share interim dividend already paid in December 2022, which brings the total dividend per share to N61.50k for 2022. This proposed final dividend will be submitted for approval at the company’s Annual General Meeting on 17th May 2023.
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A statement on the company’s website read in part, “The Directors recommend the payment of a final dividend of N 36.50K (2021: N25.50K) per share having earlier declared an interim dividend of N25.00 (2021: N25:00) from the profit of 2022 on the issued share capital of 792,656,252 (2021:792,656,252) ordinary shares of 50k each. The proposed final dividend of N 36.50K is from the after-tax profit for the year ended 31st December 2022. If the proposed final dividend of N 36.50k is approved by the shareholders, it will be subject to deduction of withholding tax at the applicable rate and the total dividend paid for the year will be N 61.50K.”
The statement quoted the Managing Director and CEO of Nestlé Nigeria PLC, Mr. Wassim Elhusseini to have said, “I congratulate and thank everyone, especially our staff and managers whose unwavering commitment, dedication and ingenuity drove the excellent results achieved in 2022. I am extremely proud of the team’s ability to continue to achieve so much even under the current challenging business environment, enabling us to keep our commitment to deliver value for our shareholders, our consumers, and the communities in which we operate. This is proof that success is built into the DNA of our organization and that by working together; we can thrive and even excel in the most trying environments.
“In 2023, we will continue to work to ensure the availability of affordable nutrition for the individuals and families who depend on us to nourish their families daily. We know that it will be a challenging year, with the general elections and the associated charged political environment as well as the disruptions in economic activities experienced with the change of some denominations of the Naira. We are also faced with the increasing cost of doing business – especially the high cost of inputs, and therefore, remain flexible and resilient in our operations”. Our priority will remain the wellbeing of our people, our consumers, our communities, and our planet as we unlock the power of food to enhance the quality of life for everyone today and for generations to come”.
