Nestle Nigeria Plc, said on Friday that revenue for the full year 2017 grew by 34% to ₦244bn ($674 million). In the previous year, the food and beverage giant posted ₦182bn in sales.

Net profit in the period under review jumped 326% to ₦33.7bn ($91 million), thanks to a 46% rise in Operating Profit and a nearly 50% reduction in net finance cost to ₦8.9bn ($24.5m) from ₦16.6bn.

Commenting on the results, Nestle said “We are pleased with the growth which is a result of multiple factors; the continued loyalty and trust of our consumers in our brands, the dedication of our people and the efficiency of our distribution network.

“In line with our strategic roadmap, we will continue to invest behind brands and route-to-market activities while proactively managing input cost pressures to stay on the growth path. We will continue delivering value to our shareholders with our commitment to provide high quality nutritious products to meet the needs and preferences of our consumers,” the company said.

Nestle Nigeria opened a ₦4.1bn ($11.3 million) new Milo ready-to-drink (RTD) factory in Agbara, Ogun State in early February. The facility has a production capacity of 8,000 tonnes per year.

Looking forward to the rest of 2018, the company said it will continue to focus on growth through product innovation and renovation adapted to local tastes. Furthermore, it stressed it will continue to build on the gains of its cost reduction initiatives, which have delivered improvements in the 2017 results.

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