Tag Archives: Nestle Nigeria Plc

Nestle Nigeria reaffirms commitment to youth entrepreneurship as it marks International Youth Day

Nestle Nigeria Plc said in a statement on Sunday that it is committed to providing support to young people by fostering youth entrepreneurship and helping the talented ones through training and job opportunities.

The message was conveyed by the company’s Corporate Communications and Public Affairs Manager, Victoria Uwadoka, on Sunday to mark this year’s International Youth Day on 12th August. Uwadoka in her statement said the company wanted to ensure the youths gained skills that would enable them contribute positively towards building peace in the society.

Nestle Nigeria’s half-year profit boosted by revenue growth, lower finance cost

Nestle Nigeria Plc, reported a nearly 3000% increase in profits for the first-half of 2017. Net profit rose to N16.5bn from N535m in 2016.

The company which makes products such as Milo cocoa drink and Nescafe coffee, among others said that profit was boosted by a 54% surge in revenue to N121.9bn, from N80bn in the previous year.

Local cassava firm fills void left by drop in raw materials imports

PSALTRY International Company Limited, an Oyo State-based grower and processor of high-grade cassava starch is filling a void left by a drop in imports of raw materials used by local beverage companies and other Fast Moving Consumer Goods (FMCG) firms. The drop in imports has created a surge in demand for local cassava starch which is a close substitute of maltose, an ingredient used in beverages and other products. The surge in local demand was caused by a high dollar exchange rate precipitated by low oil price, a situation that has forced many local manufacturers to abandon imports of raw materials with local substitutes.

Nestle Nigeria mulls new investments to boost growth

Nestle Nigeria Plc, said it is weighing new investment proposals to bolster its nationwide production and distribution networks to drive growth.

The company made this known at its Annual General Meeting (AGM), which held recently in Lagos. Speaking at the event, the chairman of Nestle Nigeria Plc, Mr. David Ifezulike told shareholders that the company was considering a lot of investment proposals that should strengthen its operations.

Nestle Nigeria gains momentum as Q1 sales surge 69%

Nestle Nigeria Plc, appears to have the worse behind it as first quarter results showed a 69% increase in sales to N61bn, from N36bn in the same period last year.

The company which makes Milo, Nescafé coffee, among others saw a 32% jump in gross profit despite a skyrocketing cost of sales, which grew 105% to N38bn, from N18bn, fueled by inflation and a weakened naira.

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.