Nestle’s Turnover Hits N143bn, Plans N4.6bn Abuja Factory

Nestle Nigeria Tuesday declared a turnover of N143.32 billion for the financial year ended December 31, 2014, which also, represents eight per cent increase over N133.84 recorded in the corresponding period of 2013.

Speaking at the company Annual General Meeting in Lagos, the Chairman, Mr. David Ifesulike told shareholders that the food and beverages giant, would soon commission a N4.6 billion state-of-the-art factory in Abuja.

According to him, the facility which occupies14.13 hectares reflects more than just an investment, which could also broaden the company’s operations.

On the results, he explained that the company has delivered on its short-term commitment, while continuing to strengthen the foundations of future growth.

The company declared a final dividend of N17.50 kobo ordinary share from the pioneer profits, in addition to the interim dividend of N10.00 per share already paid, translating to N27.50 kobo per share. This also represented an increase of eight per cent over N25.50 paid in the previous year.

Looking ahead, the Chairman assured shareholders that the company would continue to put the right actions in place to face regulatory headwinds in 2015 and more so, to deliver results in both short term and long term investments.

The National Coordinator, Shareholders Association of Nigeria, Mr. Timothy Adesiyan, having lauded the company’s performance in the last one year, expressed appreciation for the support of all shareholders and reiterated the commitment of Nestle in sustaining the leadership and dominant position on the continent.

While affirming the company’s commitment to strict adherence to the best practice in corporate governance, he expressed satisfaction with dividend policy and payout proposal in the current financial year.

The National President, Proactive Shareholders Association of Nigeria, Mr. Boniface Okezie raised investor’s hope of subsequent increments in dividends payout and additional benefits that may be accrued to them.

“Shareholders should however expect higher dividend in future”, he said.