Home Business News Nestle reports 10% growth in earnings in Q1, 2018

Nestle reports 10% growth in earnings in Q1, 2018


Nestle Nigeria Plc’s unaudited financial results for the first quarter ended March 31, 2018, shows an increase of 10.3 percent in revenue to N67.5 billion from N61.2 billion earned in the corresponding period of March 2017.

The results released by the Nigerian Stock Exchange (NSE), reflected that the company’s finance income dropped by 89.2 percent to N281 million from N2.6 billion while finance cost fell 24.1 percent from N1.5 billion in March 2017 to N1.2 billion in the quarter under review.

The consumer goods company’s profit before tax, dropped by 4.5 percent to N13.6 billion from N14.3 billion reported in the previous year while a 15 percent tax reduction led to a three percent profit after tax growth to N8.6 billion from N8.4 billion last year.

Some of the highlights from the Bank’s balance sheet showed cash and bank equivalents increased 63.6 percent to N24.8 billion from December 2017’s N15.1 billion, Trade and other receivables increased by 11.8 percent while Trade and other payables advanced 26.4 percent to N62 billion.

Net assets for the company settled at N53.4 billion following a 19 percent increase from N44.9 billion declared in December 2017. The share price last traded at N1599 per share.

At the close of trading session of the nation’s equities market today, the foods and beverages company led the gainers’ table, with its share price appreciating by N20.10 to close at N1, 590.10 per share.