Nestlé Nigeria 2021 Full Year Financial Results
2 min read
Nestlé Nigeria Plc has announced its financial results for the year 2021. The company posted a revenue of N 351.8 billion recording 22.6% growth over the previous year. Gross profit for the year stood at N 132.4 billion, compared to N 119.2 billion during the previous year.
The Company posted profit after tax of N 40.0 billion for the year. The detailed financial results are published on Nestlé’s website.
In addition to N 25 per share interim dividend paid in December 2021, the Board proposed an additional dividend of N 25.50 per share making for a total dividend of N 50.50 for 2021. This proposed dividend will be submitted for approval at the company’s Annual General Meeting on 29 th June 2022.
Results:
N’000
Revenue
2021 – 351,822,329
2020 – 287,084,087
Cost of Sales
2021 -219,419,757
2020 -167,872,616
Gross Profit
2021 -132,402,572
2020- 119,211,471
Marketing and Distribution expenses
2021 -48,097,581
2020 -43,843,396
Administrative expenses
2021: -11,881,844
2020: -10,910,269
Results from operating activities
2021: -72,423,147
2020: -64,457,806
Finance income
2021: -2,059,782
2020: -646,546
Finance costs
2021: -12,606,983
2020: -4,426,686
Net finance costs
2021: -10,547,201
2020: -3,780,140
Profit before income tax
2021:- 61,875,946
2020: -60,677,666
Income tax expense
2021: -21,826,282
2020: -21,426,418
Profit for the period
2021: – 40,049,664
2020: – 39,251,248
Commenting on the results, Mr. Wassim Elhusseini, Managing Director and CEO of Nestlé Nigeria PLC, said, “We commend everyone in our organisation for their contributions to the attainment of this impressive results in these challenging times. It is a testament of the consistent dedication and commitment of our employees to ensure that we continuously deliver value for our shareholders, our consumers, and the communities in which we operate.
“In 2022, our focus remains on ensuring the safety and wellbeing of our employees, as well as providing affordable nutrition to enable consumers to nourish their families daily, while we work together to benefit mankind and our planet. We will continue to push the boundaries of what is possible with foods, beverages, and nutritional solutions to enhance quality of life and contribute to a healthier future for everyone today and for generations to come.”
