Nestle Nigeria sustains growth as half year profit rise 30%

Nestle Nigeria Plc, said that its profits grew 30% to ₦21.4bn in the six months to the end of June 2018. In the previous year, the food and beverage firm recorded a profit of ₦16.5bn.

The growth in profit was helped by an 11% growth in sales to ₦135bn, from ₦121.9bn in 2017. The beverage segment which accounted for 37% of group sales recorded a 15% rise in sales to ₦50.1bn, while the food segment which accounted for 63% of group sales saw a 9% sales lift to ₦85.1bn.

Commenting on the results, the company said, “We are pleased with the sustained growth of our Company amid the tough competitive business landscape. These results were possible due to the relentless efforts of our highly passionate team to provide high quality and affordable nutritious food and beverages to Nigerian consumers.

“We will maintain the focus on delighting consumers with our nutritionally superior products by increasing promotion initiatives and providing more nutrition education. In line with our Creating Shared Value principle, we remain committed to building thriving and resilient communities through local sourcing, expanding the commercialization of our products and strengthening our value chain.”

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