Nestle Nigeria Plc on Tuesday reported a 49% increase in net income for the first quarter of 2019. Profit rose to N12.8bn from N8.6bn, driven by a reduction in finance cost to N469m from N1.1bn, a 60% decrease as well as a 79% gain in finance income, which rose to N504 from N281m.
Net revenue grew by 5.19% to N71bn, from N67.4bn in Q1 2018. Commenting on the results, the company said: “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,” the company said. Looking forward to the rest of 2019, the firm said it was optimistic that its current business model will keep delivering satisfactory results to its shareholders and to society in line with its Creating Shared Value principle. Providing high-quality and affordable nutritious products which meet the needs and preferences of its consumers will remain its priority as it helps build thriving, resilient communities through sustainable local sourcing and continuous product innovation.”