Nestlé Nigeria reports a 16.84% decline in profit after tax in the first half of 2020

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Nestlé Nigeria Plc announced its unaudited financial results for the half-year ended June 30, 2020, recording revenue of N 141.0 billion for the period January to June 2020.

The company reported a profit after tax of N 21.8 billion during the first half of 2020 representing a 16.84% decline.

  • Gross Revenue declined by -0.62% to N141.02bn from N141.90bn in the previous quarter.
  • Profit before tax declined by -16.26% to N33.86bn.
  • Profit after tax declined by -16.84% to N21.82bn.
  • Net Assets declined by -30.49% from N45.55bn to N31.66bn.

What did Nestlé Nigeria say?

Mauricio Alarcon, Managing Director of Nestlé Nigeria said:

“These results illustrate the resilience of our company.

“Amidst the on-going COVID-19 pandemic, Nestlé Nigeria has delivered consistent results in terms of revenue while exchange rate variations and an increase in the price of some key materials have affected profitability.

“While it is still early to assess the impact of this crisis, we are fully confident in our people’s agility and deep commitment to overcome challenges and continue to deliver value for our shareholders and society.

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“Going forward, we will remain focused on three key priorities which include safeguarding the health and wellbeing of our people, ensuring business continuity to meet consumer needs and supporting our communities,’’

“We will achieve this by unlocking the power of food to enhance the quality of life for everyone today and for generations to come,’’.

Nestlé Nigeria is one of the largest food companies in Africa to unlock the power of food to enhance the quality of life for everyone today and for generations to come.

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Nestlé Nigeria reports a 16.84% decline in profit after tax in the first half of 2020 - Brand SpurNestlé Nigeria reports a 16.84% decline in profit after tax in the first half of 2020 - Brand Spur

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Nestlé Nigeria reports a 16.84% decline in profit after tax in the first half of 2020 - Brand SpurNestlé Nigeria reports a 16.84% decline in profit after tax in the first half of 2020 - Brand Spur

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- Advertisement -Nestlé Nigeria reports a 16.84% decline in profit after tax in the first half of 2020 - Brand SpurNestlé Nigeria reports a 16.84% decline in profit after tax in the first half of 2020 - Brand Spur