Nestlé Nigeria Plc has announced a final dividend of N36.50 per share to its shareholders for the financial year ended Dec. 31, 2022.
The dividend was due to 27.0 percent revenue growth recorded by the company during the year under review.
The development is contained in a statement signed by Nestlé’s Corporate Communications and Public Affairs Manager, Mrs Victoria Uwadoka, on Wednesday in Lagos.
According to the statement, the company posted a revenue of N446.8 billion in the year under review against N351.8 billion achieved in the preceding period of 2021.
Nestlé said that the company’s profit after tax during the review period stood at N48.9 billion compared with N40 billion in 2021, representing an increase of 22.3 percent.
“The board of the company proposed an additional dividend of N36.50k, in addition to N25 per share interim dividend already paid in December 2022, bringing the total dividend per share of N61.50k for 2022.
“This proposed final dividend will be submitted for approval at the company’s Annual General Meeting May 17, 2023,” it said.
The statement quoted the Nestlé’s Managing Director, Mr Wassim Elhusseini, as saying that the growth was due to the unwavering commitment, dedication and ingenuity of its staff.
This, he said, was proof that success was built into the DNA of the organisation and that working together, they could thrive and even excel in the most trying environments.
Elhusseini pledged that in 2023, the company would continue to ensure the availability of affordable nutrition for individuals and families who depend on the company to nourish their families daily.
“We know that it will be a challenging year, with the general elections and the associated charged political environment as well as the disruptions in economic activities experienced with the change of some denominations of the Naira.
“We are also faced with the increasing cost of doing business – especially the high cost of inputs, and therefore, remain flexible and resilient in our operations.
“Our priority will remain the wellbeing of our people, our consumers, our communities and our planet as we unlock the power of food to enhance quality of life for everyone today and for generations to come,” he said.