Tag Archives: Nestle Nigeria Plc

Nestle Nigeria suffers earnings slump as unfavourable FX translation takes its toll

Nestle Nigeria Plc, on Wednesday reported its full-year results for the period ending December 2016, which showed net profit decline by 67% to N7.9bn, down from N23.7bn in 2015.

The chocolate drinks and coffee maker blamed the drop in profit on a combination of the impact of naira devaluation which caused the company’s net finance cost to skyrocket to N16.7bn, from N4.4bn in the previous year and the effect of the expiration of its pioneer “tax” status.

Firm sues Nestle Nigeria, Access Bank over breach of trade agreement

Nestle Nigeria Plc, has been sued in an Oyo State High Court, sitting in Ibadan by a local firm, First Nigeria Enterprises, owned by Professor Olatoye Ogunbode.

The suit against Nestle alleges that it broke the trade agreement it entered into with First Nigeria Enterprises.

Access Bank was also dragged into the suit because it provided the financing for the distributorship agreement between Nestle Nigeria and First Nigeria Enterprises.

Fourth Quarter will be just as tough for Nigerian Consumer Firms – Analysts

Some of Nigeria’s biggest companies suffered losses in the third quarter as the naira continued to depreciate against major world currencies and with inflation spiking to 18.3% as of October, amid a drop in consumer spending and foreign currency scarcity.

CBN allocates manufacturers $660m FX to ease pressure

The Central Bank of Nigeria (CBN), said it has allocated 1,342 manufacturing and trading firms foreign exchange through its recent intervention.

The apex bank said it sold a total of $660m to the firms through FX forwards to their respective banks for onward sales to the firms.

Nestle Nigeria marks 150 years Anniversary of company’s founding with factory tour

Nestle Nigeria Plc on Friday celebrated the 150th year anniversary of the company’s founding with a factory tour of its Agbara, Ogun State plant, with key stakeholders, in what the company described as “good nutrition”.

The tour which took place where the company manufactures Cerelac and Maggi Seasoning cubes gave Nestle an opportunity to discuss how its commitment to Creating Shared Values (CSV) meets some of the main societal nutrition and health needs of people in Nigeria.

Currency headwinds dampen Nestle Nigeria’s 9-months profit

Nestle Nigeria Plc, said that recent devaluation of the Naira and subsequent revaluation of outstanding foreign loans had an adverse effect on its earnings for the 9-months ending 30 September.

Nestle Nigeria appoints Mauricio Alarcon as new Managing Director

Nestle Nigeria Plc has announced the appointment of Mr. Mauricio Alarcon as the new Managing Director of Nestle Nigeria Plc with effect from 1 October 2016. Mr. Alarcon replaces Mr. Dharnesh Gordhon, who has taken up a new position at Nestle Indonesia.

Mr. Alarcon joined Nestle Mexico in 1999 as an Area Sales Manager in the company’s Ice Cream business. From there, he moved up the ranks to Marketing Advisor at Nestlé’s Strategic Business Unit in Switzerland; then Marketing Manager for Nestlé’s Ice cream business in Australia; Business Executive Manager at Nestlé’s Ice Cream in Egypt. Under his leadership, the ice cream business turnover in Egypt more than doubled and the profitability improved in a challenging environment.

FX shortages hampering business operations, Nestle Nigeria CEO says

Nestle Nigeria Plc said on Wednesday that a shortage of foreign exchange in the country was hampering business operations and ability to import equipment.

While speaking at an event organized by the Nigerian Stock Exchange and Bloomberg in Lagos, Mr. Dharnesh Gordhon, Chief Executive Officer of Nestle Nigeria, said:

Nestle Nigeria half-year profit fall 94% on high finance cost

Nestle Nigeria Plc on Friday reported a 94% drop in net income to N536m in half-year 2016, down from N8.9bn recorded in the same period a year ago.

However, the maker of Milo, Choco Milo, Nido, Nescafe coffee, among others said that revenue grew 22% to N80bn, up from N66bn recorded in the first-half of 2015.

Nestle Nigeria’s first quarter net profit jump 126%

It should be all smiles at Nestle Nigeria Plc as the consumer goods company posted one of its best quarterly performances in years with a 126% rise in net profits to N6.7bn, from N3bn in the same period a year ago.

Nestlé’s revenue trajectory for the first quarter rose 31% to N36bn, from N28bn in the same period a year ago.