Nestle Nigeria’s profit plunges N15.81bn
By Kayode. Ogunwale

 

Nestle Nigeria Plc has reported a decline of N15.812 billion for the year ended 31 December, 2016.
The firm in its annual report and financial statement released today to the Nigerian Stock Exchange in Lagos, declared a reduction of 66.61 percent in profit after tax from N23.737 billion it made in 2015 financial year to stand at N7.925 billion at the end of 2016 year end.
However, the firm says its revenue grew from N151.272 billion it earned in 2015 to N181.911 billion at the end of 2016. This is an increase of N30.639 billion when compared with what it made in 2015.
Nestle Nigeria spent 58.59 percent of it revenue on cost of sales which gulped N106.584 billion as against 55.48 percent expended on the same purpose in 2015 financial year.
It’s earnings per share declined from 29.95 kobo in 2015 to 10 kobo at the end of 2016 financial year.