Foods and Beverages giant, Nestle Plc has announced a 14.17 percent fall in its Profit After Tax from N45.69 billion in 2019 to N39.21 billion for the year ended December 31, 2020.
The company’s Statements of Comprehensive Income released to The Nigerian Stock Exchange (NSE) Monday indicated that the firm recorded 14.74 percent drop in its Profit Before Tax to N60.63 billion compared with N71.12 billion attained a year before.
However, cost of sales grew by 7.69 percent to N167.89 billion as against N155.89 billion posted in 2019. Nestle Revenue inched up by 1.07 percent to N287.84 billion from N284.35 billion in 2019.
Analysis of the company’s financial position further indicated that total assets rose to N246.18 billion, translating to 27.31 percent over N193.37 billion posted in the corresponding year. The total liabilities of N147.81 billion in 2019 rose by 46.73 percent to N216.88 billion reviewing year.
Nestle’s total equity dropped to N29.30 billion, representing a drop of 35.69 percent from N45.55 billion reported previously.
The Chief Executive Officer, Nestle Plc, Mr. Mark Schneider said the year 2020 was hard for so many businesses yet the company was inspired by the way the situation had brought people closer.
Schneider stated that Nestle expects continued improvement in organic growth, profitability and capital efficiency in line with its value creation model.
“We remained focused on sustainability and set out our path to achieve net zero greenhouse gas emissions by 2050. This journey is expected to support future growth and be earnings neutral – it will generate value for society and our shareholders”, he said.