Nestle Nigeria Plc, said that its profits grew 30% to ₦21.4bn in the six months to the end of June 2018. In the previous year, the food and beverage firm recorded a profit of ₦16.5bn.
The growth in profit was helped by an 11% growth in sales to ₦135bn, from ₦121.9bn in 2017. The beverage segment which accounted for 37% of group sales recorded a 15% rise in sales to ₦50.1bn, while the food segment which accounted for 63% of group sales saw a 9% sales lift to ₦85.1bn.
Nestle Nigeria Plc has said it sees huge export opportunities in the African Continental Free Trade Agreement (AFCFTA).
In a media briefing in Lagos recently, the Head of Communications and Public Affairs, Nestle Nigeria Plc, Gloria Nwabuike, said, there is a lot of potential in the AFCFTA.
Nigerian Breweries Plc has said that the impact of the new excise duty rate on alcohol has shaved-off 22% from its net profit for the first six months of the 2018.
The company best known for its Star Lager beer said that profit after tax fell to N18.4bn, from N23.7bn earned in the first half of 2017. The impact was felt more in the second quarter when net profit dropped 33% to N8.22bn, from N12.3bn in the prior year.
