Nestle Nigeria records N48.97b profits in 2022
By Oghale Mafuru
Leading Fast Moving Consumers Goods, FMCG company, has announced a profit of N48.965 billion from N40.037 billion in 2021 with a 22 percent growth rate year on year.
The beverage company made this announcement on its annual report for the year ended December 31, 2022 stating that it recorded a 27 percent growth in revenue to N446.819 billion from N351.822 billion in 2021.
According to a detailed financial result are available on the company’s website, Gross profit for 2022 stood at N155.8 billion, a 18.2 percent increase over 2021. Profit after tax of N 48.9 billion was recorded for the year 2022, which represents a 22.3 percent increase over 2021.
It added that the Board of the Company proposed an additional dividend of N 36.50k, in addition to N 25.00 per share interim dividend already paid in December 2022, which brings the total dividend per share of N 61.50k for 2022. This proposed final dividend will be submitted for approval at the company’s Annual General Meeting on 17th May, 2023.
“The Directors recommend the payment of a final dividend of N 36.50K (2021: N25.50K) per share having earlier declared an interim dividend of N25.00 (2021: N25:00) from the profit of 2022 on the issued share capital of 792,656,252 (2021:792,656,252) ordinary shares of 50k each. The proposed final dividend of N 36.50K is from the after-tax profit for the year ended 31st December 2022. If the proposed final dividend of N 36.50k is approved by the shareholders, it will be subject to deduction of withholding tax at the applicable rate and the total dividend paid for the year will be N 61.50K” the statement reads.
Commenting on the results, Mr. Wassim Elhusseini, Managing Director and CEO of Nestlé Nigeria PLC, said, “I congratulate and thank everyone, especially our staff and managers whose unwavering commitment, dedication and ingenuity drove the excellent results achieved in 2022. I am extremely proud of the team’s ability to continue to achieve so much even under the current challenging business environment, enabling us keep our commitment to deliver value for our shareholders, our consumers and the communities in which we operate. This is proof that success is built into the DNA of our organization and that working together, we can thrive and even excel in the most trying environments.
“In 2023, we will continue to work to ensure the availability of affordable nutrition for the individuals and families who depend on us to nourish their families daily. We know that it will be a challenging year, with the general elections and the associated charged political environment as well as the disruptions in economic activities experienced with the change of some denominations of the Naira. We are also faced with the increasing cost of doing business – especially the high cost of inputs, and therefore, remain flexible and resilient in our operations”. Our priority will remain the wellbeing of our people, our consumers, our communities and our planet as we unlock the power of food to enhance quality of life for everyone today and for generations to come”.
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