Nestle Nigeria pays out N33.7bn profit as dividend

Nigeria’s highest-priced stock-Nestle Nigeria Plc will distribute its entire net profit of N33.7 billion in 2017 as cash dividend to shareholders.

The board of directors of Nestle Nigeria at the weekend stated that it has recommended payment of total dividend of N33.7 billion for the 2017 business year.

The recommended dividend payout for 2017 represents 325 per cent increase on the N7.93 billion paid for the 2016 business year.

A regulatory filing by the board of the company stated that shareholders will receive final cash dividend of N21.8 billion, in addition to interim dividend of N11.89 billion earlier paid by the company, bringing total dividend for the year to N33.7 billion.

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With this, shareholders will receive a final dividend per share of N27.50, in addition to interim dividend per share of N15, bringing total dividend per share to N42.50.

According to the report, the final dividend will be paid on May 23, 2018 to shareholders on the register of the company as at the close of business on May 4, 2018.

Audited report and accounts of Nestle Nigeria for the year ended December 31, 2017 released at the weekend showed well-rounded performance with strong growth in sales boosted by improving margins. Turnover rose by 34.2 per cent from N181.9 billion in 2016 to N244.2 billion in 2017. Gross profit grew by 33.9 per cent from N75.3 billion in 2016 to N100.9 billion in 2017. Profit before tax leapt by 117.3 per cent to N46.8 billion in 2017 as against N21.5 billion in 2016. Profit after tax jumped by 326 per cent from N7.9 billion in 2016 to N33.7 billion in 2017.

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