Nestle declares N141bn revenue, posts N22bn profit

Nestlé Nigeria Plc has announced revenue of N 141.0bn for the half year ended June 30, 2020, against the N141.9bn it posted within the corresponding period in 2019.

The company also recorded Profit After Tax of N 21.8bn, compared with N26.2bn in the previous year.

Commenting on the results, the Managing Director, Mauricio Alarcon, said, “These results illustrate the resilience of our company. Amid the on-going COVID-19 pandemic, Nestlé Nigeria has delivered consistent results in terms of revenue while exchange rate variations and increase in the price of some key materials have affected profitability.

“While it is still early to assess the impact of this crisis, we are fully confident in our people’s agility and deep commitment to overcome challenges and continue to deliver value for our shareholders and for society.

“Going forward, we will remain focused on three key priorities which include safeguarding the health and wellbeing of our people, ensuring business continuity to meet consumer needs and support our communities.”

According to Alarcon, Nestle Nigeria recognises its responsibility to bring affordable, safe and high-quality nutrition to everyone.

He said it would continue to work tirelessly to meet the needs of the millions of Nigerians who rely on it to feed their families everyday.

“We will achieve this by unlocking the power of food to enhance quality of life for everyone today and for generations to come,” the MD said.

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