Nestle Nigeria Records N16.5bn Profit on Reduced Finance Cost

Leading food manufacturing company, Nestle Nigeria Plc has announced a profit after tax (PAT) of N16.5 billion for the six months ended June 30, 2017, showing a jump of 2,987 per cent compared with N536 million in the corresponding period of 2016. However, the company got a boost from a significant reduction in finance cost made possible by the stable foreign exchange witnessed in that period. Details of the results show that a revenue of N121.919 billion, up 51 per cent from N80.442 billion in 2016. Cost of sales rose from N47.712 billion to N73.576 billion, while gross profit grew by 47 per cent to N48.343 billion, compared with N32.731 billion.