Nestle Nigeria Plc has posted a turnover of N82.726 billion in its financial year ended December 31, 2010.
It also announced that it is investing N3.6 billion in a Tri-generation power plant in Agbara factory to generate power.

Chairman of the Board of Directors, Chief Olusegun Osunkeye disclosed this during the Company’s  42nd Annual General Meeting  held at City Hall, Lagos.

He stated that the company recorded a 21 per cent  increase in its turnover in 2010 in contrast to the previous years turnover of N68.317 billion.

Osunkeye explained that the 2010 results reflect the effort of the company to deliver improved top and bottom line performance whilst investing in brands improvement, capabilities, distribution, structures and capacities to ensure long-term profitable growth and value creation.  He assured  shareholders that Nestle would continue to keep her brands consumer-relevant and competitor-differentiated.

According to him, Nestle recorded another milestone in Nigeria with the inauguration of the N12 billion Flowergate factory in Ogun State on February 2011, adding that the new facility would further strengthen Nestlé Nigeria’s role as the single largest culinary manufacturing operation in Africa and Nestle’s 27th factory in Africa.

He explained that Nestle has invested N42 billion in massive infrastructure upgrades at Agbara factory, noting that one of the significant infrastructural upgrades in Agbara factory was the Tri-generation Power Plant.

“The new facility would ensure efficient use of energy in Nestlé manufacturing operations. The N3.6 billion Tri-generation Power Plant will generate power, produce chilled water and hot water, increase energy efficiency from 42 per cent to 74 per cent and reduce co2 emissions by 5,000 tonnes per year”.

He assured shareholders that the company would continue to take full advantage of the many new and varied opportunities in Nigeria by remaining close to the consumers’ existing and evolving needs, developing new products and growth channels with creativity and originality.

However, the company declared a final dividend of N10.60 per ordinary share of 50 kobo further to the interim dividend of N1.95k per ordinary share bringing the annual dividend to a total of N12.55k., while a bonus issue of one new share for every five existing shares was also approved by the shareholders at the AGM.

Speaking on the economy, he  predicted a bright economic prospect for Nigeria, saying that a shift in government spending towards capital formation and planned reforms in the power sector would boost growth, while passage of the Petroleum Industry Bill would further unlock additional investment in the oil sector.

Meanwhile, Mr. Timothy Adesiyan, President Shareholders Solidarity Association appreciated the Company for the bonus and dividend declared in its financial year wishing the company a better year.

Adesiyan commended Nestle for making job available to the people both at agricultural level and the Factory level.