Nestle Nigeria, one of the nation’s biggest consumer goods companies by request capitalization, says it recorded a net profit of N33.6 billion for the nine-month period ended September 30, 2021.
This represents a 5.1 percent time-on-time (y/ y) increase compared with N31.93 billion recorded in the corresponding period in 2020 (9M’20).
According to the unaudited financial results for the first nine months of the time, the company’s profit grew by 22.9 percent at N261.6 billion in 2021 from N212.7 billion in the same period in 2020.
For the nine months, the cost of deals stood at N160.3 billion from N122.7 billion, leaving gross profit at N101.29 billion from N90.02 billion in 2020. In three months (July to September), Nestle Nigeria said it recorded a profit of N90.2 billion and profit after tax duty of N11.9 billion.
Editorializing on the results, Wassim Elhusseini, the top executive officer of Nestlé Nigeria Plc said, “ We’re pleased with the Q3, 2021 performance of our Company which is again, a testament to the dedication and commitment of our people to ensure that we continue to deliver value for our shareholders, our communities, and our consumers.”
He also said “It’s clear that the business terrain will continue to change swiftly during this COVID-19 period. We will, therefore, continue to adapt to new ways of working, icing that our business remains nimble to continuously deliver our pledge of affordable nutritive food and beverages to meet the conditions of our consumers.”