Nestle Nigeria Plc, one of the country’s largest Fast Moving Consumer Goods Companies (FMCG) said on Monday that revenue for the nine months to the end of September grew 43% to ₦185bn ($510 million), from ₦129bn ($355 million) in the same period last year.

The company behind such brands as Milo Cocoa drink, Nescafe Coffee, and Golden Morn among others said that the boost in sales was fueled by a strong consumer and distribution-led activities as well as benefits from last year’s price increases.

The company noted that the growth is an affirmation of the loyalty and trust that consumers have in its brands, despite pressure on disposable income and tough market conditions.

Net profit for the period rose to ₦22.9bn ($61 million) from ₦485m ($1.3 million) in 2016, driven by internal cost savings initiatives, operating efficiency and significant reduction in net finance cost.

Looking forward, the firm said that its Board and Management remain committed to unlocking the potential of the business supported by its strategic road map, adding that it will further increase investments behind brands and route-to-market activities while proactively managing input cost pressures.

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