Nestle pays N21.79billion final dividend

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Nestle Nigeria Plc, one of the largest food companies in Africa, on Wednesday, May 23, 2018 paid final dividend worth N21.79billion, which represents N27.50kobo per ordinary share against final dividend of N10 the company paid in 2016 financial year. Nestle Nigeria Plc had paid interim dividend of N15 last year.

The payment of final dividend on Wednesday followed approval of the shareholders of the company at its 49th annual general meeting held Tuesday in Lagos.

Nestle stock price which closed at N1, 600 on Tuesday had reached a 52-week high of N1, 615, from 52-week low of N835.

The dividend paid was in line with the company’s policy of making its shareholders the ultimate beneficiaries of its business growth, said David Ifezulike, chairman, Nestle Nigeria Plc.

Listed on the consumer goods sector (food products-diversified subsector) of the Nigerian Stock Exchange (NSE) main board has Market Capitalisation in excess of N1.268trillion and shares outstanding of 792,656,252 units.

The economic outlook is a lot more promising than the corresponding period in the previous year with growth projected at 2.1percent.

This outlook is anchored on higher oil production and higher prices –oil prices are projected to average $54 in 2018. There is also high expectation of stronger agricultural performance.

In view of these positives, Nestle Nigeria looks towards 2018 with optimism.

“We remain well aware of the potential challenges in a year preceding major elections as well as risks associated with the current agitations in the Niger-Delta, the herdsmen crisis and Boko Haram activities. As the current recovery trend eases production constraints in manufacturing and agriculture, and key government reforms continue to diversify the economy, an all-round improvement in the economy is expected,” Ifezulike said.

In the financial year ended December 31, 2017, Nestle Nigeria Plc reported revenue growth of 34percent to N244.15billion, from N181.91billion in 2016. Profit before income tax grew by 117percent in 2017 to N46.82billion, from N21.54billion in 2016.

Profit for the year in review increased by 326percent, to N33.72billion, from N7.92billion in 2016. Basic earnings per 50kobo share of the company increased remarkably from N10 in 2016 to N42.55kobo in 2017.

At the meeting, reports of the directors, the financial statements of the company for the year ended December 31, 2017 and the reports of the auditors and the audit committee were received and adopted by the shareholders of Nestle Nigeria plc.

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