Nestle Nigeria half-year profit rise 22%

Nestle Nigeria Plc said on Friday that net profit for the first-half of the year ending on 30 June, 2019 grew by 22% to N26.2bn from N21.5bn in the previous year.

The profit rise was helped by a nearly 5% increase in revenue to N141.9bn from N135.2bn in 2018, and a 21% decrease in finance cost.

The food segment which accounted for 62% of total sales saw revenue growth of 3.65% to N88.2bn, while the beverage segment saw a 7% increase in sales to N53.7bn.

Commenting on the results, the company said “Our company’s growth is the result of consistent investment behind our brands, intensified efforts to communicate with our consumers and continuous investment in route to market to deliver better value to consumers.

“Amid a challenging economic context, we are confident in our company’s capacity to innovate to keep delighting our consumers with nutritionally superior products and foster our people’s ability to win.”

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