Nestle Nigeria Plc reported a net profit growth of 44% in the nine months to the end of September.

The maker of Milo chocolate drink said that profit hit ₦33bn in nine months, with the growth accelerating in the third quarter, helped by an 85% drop in net finance cost to ₦1.27bn from ₦8.6bn.

According to the company, sales grew 9.7% in the nine months to ₦203bn, from ₦185bn, with the beverage segment which accounted for 36% of the increase lifted by a 9% sales growth to ₦74bn. The food segment which includes Maggi, Cerelac, Nutrend, Nan, Lactogen and Golden Morn, accounting for 64% of group sales, rose 10% to ₦129bn.

Commenting on the results, the company said, “Our growth is the result of our disciplined execution and investments in the expansion of our route to market; our marketing initiatives focused on nutrition awareness, as our consumers continue to trust us to deliver high quality, affordable, nutritious food products every day. All of this is well supported by the dedication and professionalism of our people.

“To sustain our performance, we will continue to focus on creating an environment where our people can grow to their potential while delivering their best performance. Driven by our purpose of enhancing quality of life and contributing to a healthier future, we continue to create value for all stakeholders across our value chain as we source and deliver products adapted to local preferences.”