Nestlé Nigeria Plc has declared a final dividend of N38.50 per share for the financial year ended December 31, 2018.
The dividend was in addition to an interim dividend of N20 already paid by the company.
The company, in a statement by its Managing Director, Mr Mauricio Alarcon, said the final dividend would be ratified by the shareholders at its Annual General Meeting slated for May 28.
Alarcon stated that the company posted a turnover of N266.28bn, compared with the N244.15bn posted in 2017, representing a growth of 9.1 per cent.
The company’s gross profit for the year increased to N113.9bn from N100.9bn recorded in the previous year while profit before tax jumped to N59.75bn from the N46.83bn recorded in 2017.
Alarcon attributed the growth to continued loyalty of the company’s customers and consistent delivery of high-quality product page.
He said, “We are pleased with our 2018 results, considering the increasingly competitive business environment. The growth was driven by the continued loyalty of our consumers as we focused on consistently delivering high-quality, tasty and nutritious food products adapted to their preferences.
“The discipline and dedication of our people also supported this business outcome. The company has continued to invest in innovation to keep delighting consumers with its iconic brands.
“The multi-cereal Nestlé Golden Morn Puffs fortified with iron was introduced during the year.”
Alarcon added that the company would leverage its capabilities to deliver value to its customers and shareholders in the current financial year.
He said the company looked forward to the new financial year with a cautious optimism in view of the challenging business environment.
“We will focus on leveraging our capabilities to deliver value to our consumers and our shareholders as we contribute to the growth of the local economy and to improving livelihoods within our communities,” Alarcon stated.