Business

Nestlé Nigeria reports N141bn revenue, N22bn profit after tax in first half of 2020

Nestlé Nigeria Plc on Thursday announced its financial results for the half year ended June 30, 2020, recording a revenue of N 141.0 billion for the period January to June 2020.

This is against a revenue of N 141.9 billion during the same period in 2019.

The company reported a profit after tax of N 21.8 billion during the first half of 2020.

Commenting on the half year 2020 results, Mauricio Alarcon, Managing Director of Nestlé Nigeria said: “These results illustrate the resilience of our company.

“Amidst the on-going COVID-19 pandemic, Nestlé Nigeria has delivered consistent results in terms of revenue while exchange rate variations and increase in the price of some key materials have affected profitability.

“While it is still early to assess the impact of this crisis, we are fully confident in our people’s agility and deep commitment to overcome challenges and continue to deliver value for our shareholders and for society.

“Going forward, we will remain focused on three key priorities which include safeguarding the health and wellbeing of our people, ensuring business continuity to meet consumer needs and supporting our communities,’’ he said.

Mr Alarcon said that Nestle Nigeria recognizes its responsibility to bring affordable, safe and high-quality nutrition to everyone.

He said it would continue to work tirelessly to meet the needs of the millions of Nigerians who rely on it to feed their families every day.

“We will achieve this by unlocking the power of food to enhance quality of life for everyone today and for generations to come,’’ the MD said.

The News Agency of Nigeria reports that Nestlé Nigeria is one of the largest food companies in Africa with the purpose of unlocking the power of food to enhance quality of life for everyone today and for generations to come.

(NAN)

Source: premiumtimesng.com