By Nestle Set to Provide Quality Nutrition to Consumers
By Nsikan Ikpe
Nestle Nigeria PLC, one of the leading names in the manufacturing industry in the country has expressed its commitment to providing good quality nutrition solutions for sustainable human and business growth in Nigeria.
Speaking at the 48th Annual General Meeting of the company, the Chairman, Nestle Nigeria PLC, Mr David Ifezulike, lauded the commitment of Nestle to deliver good, quality products even as he expressed dismay over the continuing run of poor infrastructural development and unhelpful government policies as it affects economic and business development in Nigeria.
“Our products have delivered growth in the challenging economic climate, we remain committed to creating share value through the provision of good quality nutrition solutions to our consumers”.
According to him, 2016 was a particularly challenging year for every business operator. He said Nigeria experienced decline of 1.7 percent in its Gross Domestic Product {GDP}, alongside a dramatic increase in the rate of inflation, which rose to 18. 55 percent as at December 2016, Ifezulike maintained.
Responding to questions at the AGM, the Chairman revealed that profit after tax has been negatively impacted by the revaluation of the firm’s foreign loans due to the devaluation of the Naira. The company’s profit before tax for the year 2016 therefore stood at N21,548,408 as against N29,322,477 in 2015, and representing a 27 percent decrease.
Within this climate then, the company paid a total dividend of N7,926,562,, 520 or N10 per ordinary share of 50 kobo per share compared to a final dividend of N19 paid in 2015.
Nestle Nigeria PLC, is a leading food and beverage company in West Africa. The company began trading operations in Nigeria in 1961 and has since grown into a leading nutrition, health and wellness firm.
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