Nestlé Nigeria Plc has announced a final dividend of N36.50 per share to its shareholders for the financial year ended Dec. 31, 2022. the board of directors propose the sum following a 27.0 percent revenue growth recorded by the company, while its profit position also strengthened.
In a statement signed by its Corporate Communications and Public Affairs Manager, Mrs. Victoria Uwadoka, on Wednesday in Lagos, the food producer’s revenue printed at N446.8 billion, from N351.8 billion achieved in the preceding period of 2021.
In 2022 audited results submitted to the Nigerian Exchange, Nestle Nigeria’s profit after tax rose to N48.9 billion compared with N40 billion in 2021, representing an increase of 22.3 percent.
“The board of directors at Nestle Nigeria Plc proposed an additional dividend of N36.50k, in addition to N25 per share interim dividend already paid in December 2022, bringing the total dividend per share to N61.50k for 2022.
“This proposed final dividend will be submitted for approval at the company’s Annual General Meeting on May 17, 2023,” it said. The statement quoted the company’s, Managing Director, Mr. Wassim Elhusseini, as saying that the growth was due to the unwavering commitment, dedication and ingenuity of its staff.
This, he said, was proof that success was built into the DNA of the organization and that working together, they could thrive and even excel in the most trying environments. Elhusseini pledged that in 2023, the company would continue to ensure the availability of affordable nutrition for individuals and families who depend on the company to nourish their families daily.
“We know that it will be a challenging year, with the general elections and the associated charged political environment as well as the disruptions in economic activities experienced with the change of some denominations of the Naira…We are also faced with the increasing cost of doing business – especially the high cost of inputs, and therefore, remain flexible and resilient in our operations.
“Our priority will remain the wellbeing of our people, our consumers, our communities and our planet as we unlock the power of food to enhance the quality of life for everyone today and for generations to come,” he said.