Nestle Nigeria to Sustain Interim Dividend Culture

• Nestle Nigeria to Sustain Interim Dividend Culture

Nestle Nigeria Plc says it will sustain its interim dividend payment culture following the company’s recent rebound.

The company proposed N15 interim dividend to its shareholders for the period ended September 30, 2017.

This position was also reiterated by the company’s Managing Director/Chief Executive Officer, Mauricio Alarconn, at a closing gong ceremony held at the Nigerian Stock Exchange, which had the board and management members of Nestle Nigeria in attendance.

According to the company, register of members will close on November 27, 2017, while payment date is December 11, 2017.

Highlights of the nine months financials showed that revenue grew by 43.06 per cent to N185.242bn, which is above N129.482bn recorded same period in 2016. Profit before tax went up by 526.38 per cent to N34.479bn as against N5.5bn that was recorded in 2016.

During the quarter, Nestle introduced a new product, Milo ready-to-drink, into the market. For now, the product is only starting to gain market acceptance and is expected to meaningfully impact on Nestle’s top line going forward.