Shareholders of Nestles Nigeria Plc, has approved the final dividend of N19 that was proposed by the boards of directors for the financial year ended December 31, 2015, at the company 47th Annual General Meeting in Lagos. The N19 dividend is aside the N10 interim dividend that was paid last year, which makes it N29 for shareholders.
Commenting on the political and business environment, chairman of the board of directors Mr David Ifezulike, urged the government to ensure greater coordination of fiscal and monetary policy to achieve non-inflationary growth.
Pointing out that there is also the need for government to improve on the easy of doing business through regulatory reforms to lower cost of doing business, by providing necessary infrastructures to facilitate the growth of the real sector and encourage federal oversight institutions to become more supportive of the private sector by considering the current economic challenges in all their actions.
Meanwhile the audited 2015 account for the period ended December 31, 2015 shows that profit after tax went up by 6.75 percent to N23,739 million against N22,235 million that was recorded same period in 2014. Revenue grew by 5.54 percent from N143,328 million in 2014 to N151,271 million in 2015.
The company cost of sales went up by 2.23 percent from N82,099 million in 2014 to N83,925 million in 2015. Other highlight of the financial statements shows that finance cost dropped by 8.24 percent to N4,868 million in 2015 when compared with N5,305 million that was spent on servicing credit facilities.
Marketing and distribution expenses was up by 4.92 percent. Nestle Nigeria financial statements for the period ended March 31, 2016 shows that the company was able to surmount the economic hurdle in the beginning of 2016 financial year.
Nestle Nigeria Plc which closed at N730 on Monday May 23, 2016 and down by 0.34 percent, is a subsidiary company of Nestle S.A Switzerland, Nestle S.A owns 63.48 percent of the total shareholdings in Nestle Nigeria Plc.