Nestle S.A, a foreign majority shareholder, has increased its stakes in Nestle Nigeria Plc by another 229,697 shares, according to Nestle Nigeria.
In a statement signed by Bode Ayeku, Company Secretary, Nestle Nigeria Plc, Nestle S.A purchased additional 229,697 shares at an average price of N1249.65 per share on September 11, 2020.
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.
The company reported a profit after tax of N 21.8 billion during the first half of 2020 representing a 16.84% decline. The company’s gross revenue also declined by -0.62% to N141.02bn from N141.90bn in the previous quarter. The company’s profit before tax declined by -16.26% to N33.86bn.
The share transaction took place at the Nigerian Stock Exchange in Lagos.
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, we 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.