Nestle Nigeria PLC has just released its best Q1 result for the past one year. The company’s net profit for the last quarter went up by 155%.
In a statement released by the company, its gross revenue went up to NGN 36 billion for last quarter compared to NGN 27 billion the company declared in the same quarter last year. This is a percentage growth of 33.3% year on year.
Its profit after tax was given a jump as a result of this. The company has just earned its balance sheet NGN NGN 6.6billion as opposed to 3.4 billion it made in 2015 of the same quarter.
According to the report, the company is very much healthy as a going concern. Nestle is sitting on a cash and cash equivalent of 27 billion, it net liabilities is currently at NGN 85 billion with a net asset of NGN 130 billion
Nestle is indirect competition to Unilever PLC on savoury (seasoning), in the category. It is a direct competition to Cadbury PLC in the chocolate beverage category. The company is also a major player in baby formula and packaged water.
Nestle leads the savoury category with Maggi claiming over 40% of the market share. Its Milo chocolate beverage leads the premium market while the company leads the market in baby formula.