Nestlé Nigeria Plc announces financial results for Q1 2021 - News at its peak

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Nestlé Nigeria Plc announces financial results for Q1 2021

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The Nestlé Nigeria Plc has announced its financial results for the first quarter of 2021, ending 31 March 2021. 



The company recorded revenue of N87.3 billion against N 70.3 billion during the same period in the previous year, a top-line growth of 24.1%. Profit after tax stood at N12.4 billion according to the unaudited financial statements of the Company. 

The financial results were reviewed and approved by the Board of Nestlé Nigeria Plc during its meeting held on April 29, 2021.
 
JANUARY MARCH 2021
Revenue -87,257,701
Cost of Sales -52,514,964
Gross Profit - 34,742,737
Marketing and Distribution expenses
-11,109,209
Administrative expenses -3,319,315
Results from operating activities -20,314,212
Finance income -123,340
Finance costs -1,435,121
Net finance costs -1,311,781
Profit before income tax -19,002,430
Income tax expense -6,602,429
Profit for the period -12,400,001

JANUARY MARCH 2020
Revenue -70,329,350
Cost of Sales -38,671,684
Gross Profit -31,657,666
Marketing and Distribution expenses
-11,042,047
Administrative expenses -3,078,061
Results from operating activities
-17,537,558
Finance income -335,242
Finance costs -417,928
Net finance costs -82,686
Profit before income tax -17,454,873
Income tax expense -6,259,478
Profit for the period -11,195,394

Commenting on the results, The Nestlé Nigeria Plc, Managing Director and CEO, Mr. Wassim Elhusseini said, “I am inspired by the way our team has performed under difficult circumstances. With three more quarters still ahead of us, we will continue to drive sustainable growth despite the challenges of the COVID-19 pandemic.” 

“With the roll-out of COVID-19 vaccination in progress, we are optimistic that the business environment will continue to improve. Our priorities will remain keeping our people safe, assuring continued supply of essential nutritious food and beverages to consumers and caring for our communities and business partners.”

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