Nestle Nigeria confident about the future

Food and beverage giant Nestle Nigeria plc, has said that it is optimistic the ongoing economic reforms and diversification agenda of the Federal government will lead to better performance and returns to shareholders in future years.

This was the view of the company’s chairman, David Ifezulike, while addressing Nestle’s shareholders at its Annual General Meeting (AGM) held on Tuesday in Lagos. He said that the current economic trend eases production constraints in manufacturing and agriculture and key government reforms continue to diversify the economy, an all-around improvement in the economy is expected.

“In view of the foregoing and confident in the capacity of our people and the value of our brands, we look towards 2018 with optimism,” Ifezulike said.

He assured shareholders of better returns in the years ahead noting that the 34% increase in the company’s revenue in 2017 was proof that consumers continue to trust its brands.

He said the company will continue to work to retain consumer’s trust by responding to their needs and their preferences.

According to the chairman, Nestle Nigeria would continue to implement the policies that have contributed to the company’s growth in recent times.

He added that Nestle brands remained the leaders in their categories by increasing the focus of the marketing efforts on driving penetration through the Popularly Positioned Products (PPP) strategy while continuing to educate consumers on the benefits of good nutrition delivered by high quality products.

The company’s shareholders approved the payment of ₦33.7bn cash dividend for the 2017 financial year. Shareholders lauded the company’s efforts, remarking that its fundamentals remain strong.

The marked increase in dividend payout underscores the firm’s strong performance in 2017 as net profit surged 326%.

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