By Chris Onuoha
Nestle Nigeria Plc has announced its financial results for the first quarter of the year 2019. At the 50th Annual General Meeting of the company shareholders and stakeholders held at Shell Hall, MUSON centre, Lagos, Tuesday May 28, Nestle’s Chairman, David Ifezulike disclosed that a revenue of N71.0 billion recording growth of 5.2% over the previous year was achieved.
This comes as the gross profit stood at N31.5 billion compared to N25.8 billion recorded during the previous year, while the net profit stands N12.8 billion as compared to N8.6 billion during same period of the previous year.
In the financial resulted made available by the company Secretary, Bode Ayeku, he stated; “In the first quarter of the year 2019, Nestle Nigeria has 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.
Mr. Mauricio Alarcon, Managing Director and Chief Executive Officer, Nestle Nigeria Plc in his comment at the event stated; “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.”
Meanwhile, looking forward to the rest of 2019, the he stated; “We are optimistic that our current business model will keep delivering satisfactory results to our shareholders and to society in line with our Creating Sharing Value principle, providing high quality and affordable nutritious products which meet the needs and preference of our consumers will remain our priority as we help build thriving, resilient communities through sustainable local sourcing and continuous product innovation.”