Nestlé Nigeria Plc has released its financial results for the first quarter (Q1) ended March 31, 2019. The company posted revenue of N71billion in Q1’2019 recording growth of 5.2percent over the previous year level of N67.5billion. Gross profit for the period stood at N31.5 billion, compared to N25.8 billion during the previous year.
Profit before income tax (PBT) stood higher at N19.12billion against N13.64billion in Q1 2018. Profit after tax for the Q1 period under review increased to N12.84billion against N8.60billion in Q1’2018.
In the first quarter of the 2019, Nestlé Nigeria continued its emphasis on creating demand as well as strengthening brand loyalty programs to increase market penetration.
The company also continued to focus on Creating Shared Value for society and its shareholders by delivering high quality nutritious products to consumers and contributing to the growth of the local economy through local sourcing and increasing access to clean drinking water in the communities where it operates.
“We are pleased with the sustained growth of our company, the loyalty of our consumers and the discipline and dedication of our people to provide tastier and healthier foods and beverages,” Mauricio Alarcon, Managing Director/CEO of Nestlé Nigeria Plc said.
Looking forward to the rest of 2019, Nestlé Nigeria Plc is optimistic that its current business model will keep delivering satisfactory results to our shareholders and to society in line with our Creating Shared Value principle.
“Providing high-quality and affordable nutritious products which meet the needs and preferences of our consumers will remain our priority as we help build thriving, resilient communities through sustainable local sourcing and continuous product innovation,” Alarcon said.