Nestlé Nigeria announces Q1 2018 financial results
Nestlé Nigeria Plc announced its financial results for first quarter of 2018. The company continued its momentum from 2017 delivering a revenue of N 67.5 billion for Q1 2018, a growth of 10.3% over Q1 2017. The Company also posted a net profit of N 8.6 billion compared to N 8.4 billion in the same period of the previous year.
| January March 2018 | January March 2017 | |
|---|---|---|
| N’000 | N’000 | |
| Revenue | 67,463,648 | 61,151,517 |
| Cost of Sales | -41,705,831 | -37,668,119 |
| Gross Profit | 25,757,817 | 23,483,398 |
| Marketing and Distribution expenses | -9,029,860 | -8,047,962 |
| Administrative expenses | -2,209,312 | -2,225,604 |
| Results from operating activities | 14,518,645 | 13,209,832 |
| Finance income | 281,299 | 2,601,188 |
| Finance costs | -1,159,888 | -1,528,436 |
| Net finance costs | -878,590 | 1,072,752 |
| Profit before income tax | 13,640,055 | 14,282,584 |
| Income tax expense | -5,034,174 | -5,923,757 |
| Profit for the period | 8,605,881 | 8,358,827 |
The Company continued to focus on demand creation activities for its existing and the new products launched in recent months. These include Nestlé MILO RTD, MAGGI Naija Pot and the new GOLDEN MORN Puffs.
Commenting on the results, Mr. Mauricio Alarcon, MD & CEO of Nestlé Nigeria Plc said, “We are pleased with the sustained growth of our Company amid the competitive environment. Sustained focus on creating value for our consumers and increased efficiency in our operations also contributed to our results. We continued to invest in our most important asset, our people, as well as in product innovation to delight consumers.”
Outlook:
Looking forward to the rest of 2018, we are optimistic that our current business model will keep on delivering satisfactory results to our shareholders and to society in line with our Creating Shared Value principle. Providing high-quality and affordable nutritious food and beverages which meet the needs and preferences of our consumers will remain in focus as we work alongside partners to build thriving and resilient communities through sustainable local sourcing and product innovation.”
The detailed financial statements are available on the Company’s website.
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