Nestlé Nigeria Plc has announced a 30 percent profit after tax increase in its financial results for the half year ending 30 June 2018.
During the period, the company recorded a profit of N21.5 billion, which was 5 billion or 30 percent higher than the profit of N16.5 billion recorded in the same period of 2017.
The company’s profit, buoyed by an 11 percent growth in revenue which stood at N135.3 billion in H1 2018, was also strengthened by an 84 percent reduction in finance costs and a marginal decline in administrative expenses.
“We are pleased with the sustained growth of our company amid the tough competitive business landscape. These results were possible thanks to the relentless efforts of our highly passionate team to provide high quality and affordable nutritious food and beverages to Nigerian consumers,” said Mauricio Alarcon the managing director and CEO of Nestlé Nigeria
On the outlook for the second half of the year, Alarcon said, “We will maintain the focus on delighting consumers with our nutritionally superior products by increasing promotion initiatives and providing more nutrition education.
In line with our creating shared value principle, we remain committed to help build thriving and resilient communities through local sourcing, expanding the commercialisation of our products and strengthening our value chain.”