Nestle Nigeria Plc records 0.66% increase in export sales boost revenues

Nestle Nigeria Plc reported revenues of N212.73 billion in 2020 9M compared to N211.35 billion in the corresponding period of 2019.  

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Key highlights for 2020 9M  

• Revenues increased to N212.73 billion, +0.66% YoY.  
• Revenues from Nigeria increased to N208.73 billion, +0.40% YoY. 
• Revenues from Export sales increased to N4.01 billion, +16.04% YoY.  
• The cost of sales increased to N122.71 billion, +6.67% YoY. 
• Administrative expenses increased to N8.98 billion, +29.13% YoY. 
• Pre-tax profits decreased to N49.26 billion, -12.89% YoY.  
• Earnings Per Share decreased to N40.29, –13.32% YoY.  

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Bottom Line

Nestle Nigeria Plc recorded increased revenues from its two revenue-generating units. Although companies have generally recorded decreased revenues in the last three quarters mostly due to COVID-19, Nestle Nigeria Plc was able to grow its revenues. However, pre-tax profits declined in the period under consideration due to rising costs and expenses.