Nestle S.A, Switzerland, the parent company of Nestle Nigeria Plc and the majority shareholder of the company, has further increased its stake in the Nigerian subsidiary, as it purchased about 102,690 additional shares.
Nestlé Nigeria Plc made this known in a notification sent to the Nigerian Stock Exchange and made available to Brand Spur. In line with the Nigerian Stock Exchange policy on insider dealing, the formal disclosure was made by the Company’s Secretary, Bode Ayeku.
Nestle S.A. purchased 102,690 shares of Nestle Nigeria Plc at N1,400 per share on November 20, 2020, at Nigerian Stock Exchange (NSE) in Lagos, Nigeria.
Below are the share acquisitions made by Nestle S.A in the month of November, so far:
The purchase of the shares of Nestlé Nigeria further positions Nestlé S.A as the majority shareholder of the company.
Nestle Nigeria’s Q3 2020 Financials?
- The beverage company in its 9M’2020 report grew revenue by 1% YoY to N212.73bn. Occasioned by a 7% increase in production cost YoY to N122.71bn in 9M’2020
- Gross profit declined by 7% to N90.03bn in 9M’2020 from N96.31bn posted in 9M’2019.
- Operating income also dropped by 12% YoY to N50.19bn in 9M’2020 on the back of higher administrative cost.
- Profit after tax declined by 13% informed by a higher effective tax rate of 35.2% (9M’2019: 34.9%) to N31.94bn in 9M’2020.
- EPS for the period printed at 40.29k (9M’2019: N46.48k).
- The group declared an interim dividend of N25.00k with qualification date on November 20, 2020.