Nestle Nigeria’s FY17 PAT surges 326 percent to N33bn
by TELIAT SULE
March 4, 2018 | 1:56 am| | | Start Conversation
Shareholders of Nestle Nigeria Plc have reasons to be happy with the management of the food and beverages giant following the release of stellar results for the financial year ended December 31, 2017.
The audited financial statement of the food and beverages shows that it made N244.15 billion as gross earnings in 2017 which was 34 percent higher than N181.91 billion made in same period in 2016.
Profit before tax rose a record 117percent to N46.828 billion over N21.548 billion made in comparable period in 2016. Profit after tax for 2017 skyrocketed by 326 percent to N33.723 billion as against N7.92 billion made in 2016. Total equity of the firm was up by 45 percent to N44.878 billion compared with N30.878 in 2016.
Consequently, the board of the company has proposed N27.50 final dividend per share compared to N10 final dividend per share paid in 2016.
And if approved by the shareholders at the AGM slated for May 22, 2018, this will bring the total dividend paid by Nestle to N42.5 per share, having declared N15 per share interim dividend late last year.
With Nestlé’s corporate action, total dividend declared by listed firms year-to- date rises to N55.45 billion, BusinessDay’s Dividend Monitor shows.
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