Home MIXED GRILL Recession ravages Nestle as profit drops by 67%

Recession ravages Nestle as profit drops by 67%

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These are definitely not the best of times for Nestle Nigeria Plc.

Obviously buffeted by recession, the company just suffered a profit decline of 67%, according to their 2016 financial report, currently with the Nigerian Stock Exchange, NSE.

Their profit, we learnt, declined from N23.73 billion recorded in 2015 to N7.924 billion in 2016.

The company’s dividend also decreased by 31%, moving N21.79 billion in 2015 to N15.06% in 2016.

According to their financial records covering a 9-month period and ending on September 30, 2016, Nestle, again, had their Profit Before Tax decreasing from 73% to 40%.

Nestle, founded by Henry Nestle, a Swiss, remains one of the biggest multi national companies in Nigeria. And among their popular products/brands are Milo, Maggi and Nestle Water.
 

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