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Nestle Nigeria posts N9.33 billion profit after tax in Q2 2021

4 years ago
in Business, Editor's pick, highlights, Home, home-news, latest News, Manufacturing
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Nestle Nigeria posts N9.33 billion profit after tax in Q2 2021

Nestle Nigeria Plc reported its second-quarter earnings, revealing a 19.07% growth in revenue from N70.7 billion recorded in Q2 2020 to N84.18 billion

The consumer goods company, reported a profit after tax of N9.33 billion, reflecting a decline of 12.23% from N10.63 billion in the corresponding quarter of 2020. Also, compared to the previous quarter, its net profit declined by N3.07 billion.

The financial statement revealed that revenue from export during the period declined by 54.76% from N1.68 billion to N757.72 million in the same quarter of 2020, while revenue made from sales in Nigeria was N83.42 billion up from N69.02 billion in 2020.

Net profit for the period was subdued by some expense line items as revealed in the income statement. Interest expense on financial liabilities in the second quarter grew by 269.23%, from the prior-year quarter, influencing the decline in profit before tax and subsequently, net profit for the period.

The interest expense on financial liabilities includes an intercompany loan amounting to approximately N2.30 billion in the period under review, as contained in the financial statement.

During the quarter, other expenses that weighed down the net profit include personnel expenses, general license fees, and depreciation.

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Nestle Nig Plc operates two segments; namely, Food and Beverages Segments. In the six months of 2021, the food segment of the business has generated more revenue than the beverages segment. The notes to account reveal that the food and beverages segment generated N101.15 billion and N70.29 billion respectively.

The company’s net assets decreased by N6.45 billion from N29.29 billion recorded at the end of 2020 to N22.84 billion by June 2021. Total assets, however, increased by N16.61 billion from year to date.

Recall that, in June 2021, Financial Times reported on a presentation that was circulated among top executives of Nestle this year which revealed that Nestle, the world’s largest food company, acknowledged that more than 60% of its food and drinks products do not meet a “recognized definition of health” and that some of its categories and products will never be ‘healthy’ no matter how much the company innovates.

The presentation revealed that only 37% of Nestlé’s food and beverages by revenues, excluding products such as pet food and specialized medical nutrition, achieve a rating above 3.5 under Australia’s health star rating system. This system scores foods out of five stars and is used in research by many international groups. Nestle describes the 3.5-star threshold as a “recognized definition of health.”

The presentation stated, “We have made significant improvements to our products . . . [but] our portfolio still underperforms against external definitions of health in a landscape where regulatory pressure and consumer demands are skyrocketing.”

Nestle Nig Plc is currently trading at N1,540 per share and its market capitalization stands at N1.22 trillion as at Friday, July 30, 2021. Year-to-date performance shows that the share price of the company has gained 2.33%.

Source: nairametrics
Via: norvanreports
Tags: Bank of Ghana (BoG)Covid-19COVID-19 pandemicghanaN9.33 billion profit after tax iNestlé Nigeria PlcNestle Nigeria posts N9.33 billion profit after tax in Q2 2021Nigeria
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