Nestle Nigeria Plc grew sales to N287.1 billion in 2020, despite disruption of business activities due to the outbreak of COVID-19.
The company’s audited report for the year ended December 31, 2020 released at the Nigerian Stock Exchange (NSE) showed that sales rose marginally from N284.04 billion in 2019 to N287.08 billion in 2020.87.
Cost of sales rose from N155.89 billion to N167.87 billion, while gross profit dropped from N128.15 billion in 2019 to N119.21 billion in 2020.
The report also indicated that the operating profit dropped from N72.06 billion to N64.46 billion, while profit before tax also declined from N71.12 billion in 2019 to N60.68 billion in 2020 even as net profit stood at N39.25 billion in 2020 compared with N45.68 billion in 2019.
The board of directors recommended a final dividend of N35.5, in addition to an interim dividend of N25 paid earlier, bringing total dividend per share for the 2020 business year to N60.50.
