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.
Heineken N.V. on Monday reported a 49% profit growth in half-year, helped by its new zero-alcohol beer introduced in Europe in May and a warmer weather in Europe.
The company said that half-year profit to the end of June rose to €871m ($1.02bn), from €586m in the previous year.
“We delivered strong results in the half-year, with all four regions contributing positively to organic growth in volume, revenue and operating profit,” CEO Jean-Francois van Boxmeer said.
Nigerian Breweries Plc, said on Friday that the benefits of the price increases it took in 2016 to mitigate the effects of skyrocketing inflation and foreign currency challenges continued into its first-half results.
The company declared a 15% growth in revenue for the first six months of its financial year. Sales grew to N181bn ($500m), from N157bn ($430m) from the previous year.
