Nestlé Nigeria Plc has announced revenue of N141.025 billion for the half year (HI) ended June 30, 2020.
The Company in its half year results released on the Nigerian Stock Exchange (NSE) showed that revenue dropped slightly from N141.909 in H1, 2019 to N141.025 in H1, 2020.
Cost of sales went up by 5.75 per cent to N80.188 billion, compared with N75.828 billion attained within same period in 2019, while gross profit declined to N60.837 billion as against N66.081 achieved in H1, 2019.
Marketing and distribution expenses dropped to N19.932 billion from N21.281 billion, administrative expenses up from N4.365 billion to N6.577 billion in the period under review, while results from operating activities stood at N34.327 billion higher than N40.434 billion declared in the corresponding period of 2019.
Finance income at as June 30, 2020 stood at N472.029 million from N891,095 million, while net finance costs also stood at N465,328 million from N2.419 million.
The company also recorded profit before tax of N33.862 billion, lower than N40.437 billion in 2019, while profit after tax declined to N21.825 billion, compared with N26.246 billion in the previous year.
Speaking on the results, managing director of Nestlé Nigeria, Mauricio Alarcon, 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 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 for society.”
Going forward, Alarcon said “We will remain focused on three key priorities: safeguarding the health and wellbeing of our people, ensuring business continuity to meet consumer needs and supporting our communities.
“We recognise our responsibility to bring affordable, safe, and high-quality nutrition to everyone, and will continue to work tirelessly to meet the needs of the millions of Nigerians who rely on us to feed their families every day. We will achieve this by unlocking the power of food to enhance quality of life for everyone today and for generations to come.”