The shareholders of Nestle Nigeria Plc have approved a dividend of N28.14bn or N35.47 per ordinary share proposed by its board of directors for the financial year 2020.
The company announced during its annual general meeting on Tuesday that its profit after tax for 2020 dropped by 14.16 per cent to N39.21bn.Its financial statements showed a profit before tax of N60.64bn for 2020, down 14.74 per cent from N71.12bn in 2019. Nestle’s net finance costs jumped by 302.90 per cent from N938.22m in 2020 to N3.79bn in 2019, which the company attributed to the result of double digit interest loans and the exchange rate difference.In his address, the Chairman of Nestle’s Board of Directors, David Ifezulike, said the year 2020 was a challenging one for the business due to the impacts of the COVID-19 pandemic on the economy.
He said the company’s input costs increased drastically as the country was hit hard by inflation and there was a significant reduction in disposable income of consumers as a result of higher electricity tariff and the cost of Premium Motor Spirit.
Wait make I check if I get shares for Nestlé
See wetin Nestle dey do for their workers Lawal dey use almost N40bn dey do rehabilitation of building wey na just money dem dey share inside no sense
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