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Nestle Nigeria declares N38.50 final dividend for 2018

Nestle Nigeria Plc has declared a final dividend of N38.50 per share for the financial year ended Deember 31, 2018. The News Agency of Nigeria (NAN) reports that this was in addition to an interim dividend of N20 already paid by the company.

The company in a statement by Mr Mauricio Alarcon, its Managing Director, said  in Lagos that the final dividend would be ratified by the shareholders at its Annual General Meeting slated for May 28.

Alarcon said that the company posted a turnover of N 266.28 billion compared with N244.15 billion posted in 2017, representing a growth of 9.1 per cent.

Gross profit for the year increased to N113.9 billion, from N100.9 billion recorded in 2017. Its profit before tax jumped to N59.75 billion from N46.83 billion in 2017.

Commenting on the result, Alarcon attributed the growth to continued loyalty of its customers and consistent delivery of high quality product page.

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“We are pleased with our 2018 results considering the increasingly competitive business environment. The growth was driven by the continued loyalty of our consumers as we focused on consistently delivering high quality, tasty and nutritious food products adapted to their preferences.

The discipline and dedication of our people also supported this business outcome,” he said.

Alarcon said that the company continued to invest in innovation to keep delighting consumers with its iconic brands.

“The multi-cereal Nestlé Golden Morn Puffs fortified with iron was introduced during the year,” he stated.

On 2019 outlook, he said that the company would leverage on its capabilities to deliver value to its customers and shareholders in the current financial year.

“We look forward to next year with cautious optimism in view of the challenging business environment.

We will focus on leveraging our capabilities to deliver value to our consumers and our shareholders as we contribute to the growth of the local economy and to improving livelihoods within our communities,” Alarcon. (NAN)