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.
Champion Breweries Plc, said on Thursday that first quarter revenue (Jan – Mar 2017) grew 27% to N1.1bn, up from N872m in 2016.
Despite the sales growth, the firm which is Heineken controlled said that net profit fell 31% to nearly N40bn due to higher production costs caused by inflation and a weakened naira.
Cost of sales rose 46.2% in the period to N886m, from N606m in the previous year.
Cadbury Nigeria Plc, the maker of Bournvita on Tuesday reported a 13% growth in revenue in its first quarter 2017 results. Sales climbed to N8bn from N7bn in the previous year.
The company which had posted back-to-back losses in the past two quarters due to declining sales caused by a weakened economy and competition declared N93m in net profit, albeit a drop of 86% when compared to last year’s N673m.
