Nestle Nigeria Plc, on Wednesday, reported a 28% increase in profit for the full year 2018. The food and beverage giant said that profit rose to N43bn from N33.7bn in the previous year, benefiting from a 90% reduction in net finance cost to N900m. In the same period in 2017, finance cost was N8.9bn.
Revenue in the period grew 9% to N266bn from N244bn helping boost operating profit 9%.
Speaking on the results, Mr Mauricio Alarcon, Managing Director/CEO, Nestle Nigeria Plc, said, “We are pleased with our 2018 results considering the increasingly competitive business environment. The growth was driven by the continued loyalty of our consumers as we focused on consistently delivering high quality, tasty and nutritious food products adapted to their preferences. The discipline and dedication of our people also supported this business outcome.
“The company continued to invest in innovation to keep delighting consumers with its iconic brands. The multi-cereal Nestlé Golden Morn Puffs fortified with iron was introduced during the year,” said Mr Alarcon.
Looking to 2019, the MD said, “We look forward to next year with cautious optimism in view of the challenging business environment. We will focus on leveraging our capabilities to deliver value to our consumers and our shareholders as we contribute to the growth of the local economy and to improving livelihoods within our communities.”