Chairman of the foremost Fast Moving Consumer Goods (FMCG) Company, Nestle Nigeria Plc, Mr David Ifezulike on Tuesday May 28, 2019, at the company’s 50th Annual General Meeting in Lagos, assured investors of sustainable growth in its operations, even as he said that members will continue to enjoy good dividend yield.
The meeting which was attended by a myriad of both institution and retail investors saw shareholders approving the payment of N38.50 kobo per ordinary share, for the financial year ended December 31, 2018. The dividend will be paid to shareholders whose names appears on the register of member on Wednesday May 29, 2019.
The meeting afforded shareholders opportunities to raise issues concerning the company operations and how to improve on its market shares. Nestle Nigeria Chairman explained to shareholders that 2018 was a year of significant results in the face of unpredictable changes in the business environment.
Adding that the influx of competing products presented both a challenge and opportunity for innovation to continue to delight consumers. Stressing that despite the challenges in 2018, revenue grew by 9 percent and profit after tax was up by 28 percent higher than the company achievement in 2017.
He said Nestle Nigeria look towards 2019 with cautious optimism, “we continue to leverage our research and development capabilities to delight our consumers while creating value for our business and everyone across our value chain”
Meanwhile, Nestle Nigeria Plc, recorded 5 percent increase in its revenue for the first quarter ended March 31, 2019, with a 49 percent growth in profit after tax during the period under consideration. The company manufactures and markets a range of high quality brands, including NESTLE PURE LIFE, GOLDEN MORN, MILO, KITKAT, MAGGI, NESCAFE and CERELAC.
Photo Caption: From Left- Managing Director/CEO, Nestle Nigeria Plc, Mr. Mauricio Alarcon; Independent Non Executive Director, Nestle, Mrs Ndidi Nwuneli; Non Executive Chairman of the Board of Director, Mr. David Ifezulike; Company Secretary/Legal Adviser, Nestle and Non Executive Director, Mr. Ricardo Chavez, during the 50th Annual General Meeting of Nestle Nigeria Plc in Lagos yesterday. Photo: ABIODUN OMOTOSHO