Business

Nestlé S.A buys N147.8m Nigerian subsidiary shares

Nestlé S.A has invested an additional N147.8 million in shares of its Nigerian Subsidiary (Nestlé Nigeria Plc).

The Nigerian subsidiary stated this in a notice to the Nigerian Stock Exchange.
The notice signed by the Company’s Secretary, Bode Ayeku, noted that that Nestlé S.A acquired the additional 105,569 units of Nestle Nigeria Plc shares on the floor of the NSE, at an average share price of N1,400 per share.

According to the notification, on December 11, Nestlé S.A purchased 63,700 additional ordinary shares of Nestlé Nigeria at a price of N1,400.00 per share were purchased.

While on December 12, 41,869 additional shares of Nestlé Nigeria Plc at a price of N1,400.00 per share were purchased, bringing the value of the shares purchased by the parent company at N147.796 million.

 

Nestle Nigeria reported a one per cent rise in revenue with a 13 per cent drop in profit for the nine months ended September 30, 2020, according to its unaudited financial statements filed with the NSE.

 

Revenue rose by one per cent to N212.7 billion for the nine months from January to September 2020 from N211.3 billion posted in 2019. In the three months from July to September 2020, the revenue rose to N71.7 billion from N69.4 billion in Q3’19.

The cost of sales increased disproportionately with the marginal rise in revenue thus, resulting in a decline in gross profit. The cost of sales rose by 6.7 per cent to N122.7 billion, representing 57.7 per cent of the total revenue for the nine months.

 

The profit after tax dipped by 13 per cent to N31.9 billion in the nine months under review from N36.8 billion in 2019. The net profit margin stood at 15.0 per cent. The basic earnings per share dropped to N40.29.

 

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