Tag Archives: Nestle Nigeria Plc

Nwuneli quits Nestle’s Board

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Nestle Nigeria Plc has announced the resignation of one of its Board members.

In a letter released to the Nigerian Stock Exchange (NSE) on 29 October 2019, the food and beverage firm said that Mrs Ndidi Okonkwo Nwuneli, an independent non-executive director of the company has by a letter dated 20 October 2019 informed the Board of her decision to resign as a Director of the Company effective from that date, due to her ongoing fellowship at the Harvard Kennedy School.

Nestle Nigeria sees modest growth in nine months

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Nestle Nigeria Plc reported modest gains in sales and profit for the nine months to the end of September.

The food and beverage giant posted an 11% increase in net profit for the period, helped by a 4% sales growth. Revenue climbed to N211.3bn from N203bn in the previous year. Sales in the third quarter grew marginally by 2% resulting in a quarterly net profit decline of 9%.

The company benefitted from a sharp drop in net finance cost, which fell to N496m from N1.3bn, a 61% decline.

NLRC unseals Nestlé’s head office after firm agrees to pay disputed lottery fees

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The National Lottery Regulatory Commission (NLRC) has agreed to reopen the corporate headquarters of Nestle Nigeria Plc following an agreement reached with the food and beverage firm to pay a disputed N65m lottery commission stemming from lottery promos the company held between 2012 and 2014.

According to the NLRC, the company’s office was sealed for violating the National Lottery Act, 2005 and National Lottery Regulations, 2007. The NLRC, which is an agency of the Federal Government, regulates sales promo operated by companies.

Circular Economy: Stakeholders urge Effective Plastic Waste Management

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As countries across the world sustain the drive towards mitigating the dangers of non-degradable waste, participants at the CEO Roundtable on Sustainability have hinted that Nigeria stands a good chance of bending the curve in good time, only if the private and public sector can collaborate strategically. Aside policy making, the panel recommended strategic timelines for executing each step of the national plan on circular economy.

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.

Nestlé partners AGRA to aid agricultural entrepreneurship in Nigeria, other West Africa countries

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Nestlé Central and West Africa (CWA) and the Alliance for a Green Revolution in Africa (AGRA) have launched a new initiative called Youth Agripreneurship Development Program (YADIS). The aim is to accelerate the sustainable development of farmer livelihoods and increase the interest and opportunities for youths in farming agri-food businesses in Ghana, Côte d’Ivoire and Nigeria.

Nestlé Opens Research & Development Innovation Challenge in Nigeria

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Nestlé’s has announced the launch of a Research and Development (R&D) Innovation Challenge in Lagos after it kicked off earlier in the week in Ghana.

The company said the launch was part of the company’s efforts to contribute to the local innovation ecosystem.

“It is expected that the challenge will help to boost local entrepreneurship, as well as provide a platform for start-ups, researchers and developers to contribute to local sustainable growth by bringing breakthrough ideas to the market.

Nestle Nigeria aims for increased market share

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Nestle Nigeria Plc said it plans to introduce brand loyalty programmes as a way to grow its market share in the country.

The company’s Managing Director, Mauricio Alarcon, disclosed this during the firm’s Annual General Meeting held in Lagos recently.

Alarcon said that Nestle had continued to focus on creating demand as well as strengthening its brand loyalty so as to increase market penetration.

Nestle Nigeria’s Q1 profit rise 49%

Nestle Nigeria Plc on Tuesday reported a 49% increase in net income for the first quarter of 2019. Profit rose to N12.8bn from N8.6bn, driven by a reduction in finance cost to N469m from N1.1bn, a 60% decrease as well as a 79% gain in finance income, which rose to N504m from N281m.

Nestle Nigeria trains 30,000 farmers on sorghum, millet farming

Nestle Nigeria Plc, said it has partnered with the International Fertiliser Development Centre (IFDC) to train 30,000 Nigerian farmers on resilient farming of sorghum and millet over the past two years as part of its effort to source 100% of its raw materials locally.

This was disclosed by the company’s Corporate Communications and Public Affairs Manager, Victoria Uwadoka, during a media briefing at the company’s corporate headquarters in Ilupeju, Lagos, recently.