SHAREHOLDERS of Nestle Nigeria Plc has approved a total dividend of N7.9bn, representing N10 per ordinary share to be on Wednesday May 24, 2017.
Speaking at the 48th Annual General Meeting (AGM) of the company on Tuesday in Lagos, the Chairman, Mr David Ifezulike said in spite of the challenging operating environment, weak consumer sentiment occasioned by rising inflation and cash crunch, the company improved revenue by 20 per cent.
He, however explained that currency devaluation which affected material cost in the 2016 year under review, caused an increase in the cost of sales, but operating profit rose 13 per cent.
On profit after tax which closed 67 per cent lower than previous year, Ifezulike noted that this was as a result of the revaluation of the foreign loans due to the devaluation of the naira.
Shareholders, however, commended the board on their efforts at maintaining profitability and retaining its top position in the industry.
Speaking on behalf of Independent Shareholders Association of Nigeria (ISAN), the National Chairman, Mr Boniface Okezie congratulated the company for notable awards garnered in 2016.
In recognition of its exceptional contribution to industrial development, Nestle was awarded the organisational Excellence Award by the Nigerian Institute of Industrial Engineers.
The company was also awarded the Best company in the manufacturing sector with the Best Risk Management Culture by the Risk Managers Society of Nigeria.
Okezie also encouraged the Board to deepen waterline investments projects, especially to the southern Nigerian region further promote access to clean water, and increase capacity building for farmers to improve earnings.
In his address to shareholders, Mauricio Alarcon Managing Director, of Nestle Nigeria Plc, stated that the company will continue to work to impact the society positively.
“Every day, Nestlé Nigeria touches the lives of millions of people, from the farmers who grow its ingredients to the families who enjoy its products, to the communities where the company operates, and the rural environment upon which it depends.
Driven by its purpose that is: enhancing quality of life and contributing to a healthier future, Nestlé Nigeria is committed to enabling healthier and happier lives for individuals and families, local sourcing, capacity building for farmers and rural development.
Mauricio noted that Nestlé Nigeria will continue to stay true to the confidence consumers place in the company to guarantee the highest quality standards in the brands they know and trust for healthy nutrition.
“We will continue to work with partners to inspire people to lead healthier lives, we will continue to equip the farmers and suppliers we work with to consistently deliver high quality raw materials, we will continue to empower women, we will continue training and empowering the youth to develop the leaders of tomorrow.
“This is how we do business. Nestlé, the largest Nutrition, Health and Wellness company, works alongside partners to create shared value – contributing to society while ensuring long term success of its business. It is called Creating Shared Value and it is embedded in everything Nestlé does.”
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