Home Business Nestle’s Q1 2016 Profit Up By 155%

Nestle’s Q1 2016 Profit Up By 155%

LAGOS (Sundiata Post) – Nestle Nigeria Plc defied economic slowdown in the country to post a net profit for the last quarter went up by 155%. In a statement released by the company, its Gross Revenue went up to N36 billion for last quarter compared to N 27 billion the company declared in the same quarter last year. This is a percentage growth of 33.3% year on year.
The company’s Profit After Tax (PAT) was N 6.6billion as opposed to 3.4 billion it made in 2015 of the same quarter. its financials show that the Nestle cash and cash equivalent of 27 billion, net liabilities at N 85 billion and a net asset of NGN 130 billion
With Nestle in indirect competition with Unilever Plc in the seasoning segment, the company is a direct competition with Cadbury Plc in the chocolate beverage category.
The company is also a major player in baby formula and packaged water. Nestle leads the savoury category with Maggi claiming over 40% of the market share. Its Milo chocolate beverage leads the premium market while the company leads the market in baby formula.
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