Maggi Signature, Nestle Nigeria revenue climb 5% as profit hit N26.2 billion, Nestle Nigeria's Unaudited Financial Statements
Nestle Nigeria

One of Nigeria’s leading Fast-Moving Consumer Goods manufacturers —Nestle Nigeria Plc, recently unveiled a new product called Maggi Signature.

The Details: Speaking during a recent launch party held in Shagamu, the company’s CEO, Mauricio Alarcon, noted that the new product was specifically designed to appeal to the average Nigerian food lover. He further highlighted the qualities of Maggi Signature which he claimed the company used “familiar” and “common ingredients” to prepare.

Also speaking about the new product, the company’s Culinary Category Manager, Nwando Ajene, highlighted the supposed benefits of Maggi Signature. According to him, the new product serves the purpose of bringing out the unique tastes in typical Nigerian dishes, just like the people like them.

“Signature Jollof seasoning helps the authentic party Jollof, Signature Miya accentuates the zoin taste of your favourite northern soups while Signature ‘Pottage’ seasoning brings to life that ‘correct pottage taste’.”

[READ THIS: Is Nestle’s Golden Morn Puffs a hit or miss?]

But is this necessary? With the recent unveiling of the seasoning product, Nestle Nigeria Plc is hoping to continue maximising the existing opportunities in a market where consumers are always on the look-out for new, exciting tastes.

As you may well know, Nigeria has a population of nearly two hundred million people. This situation offers an exciting opportunity for players in the FMCG space; specifically the affordable seasoning market. After all, nearly two million hundred Nigerians eat meals that are prepared with locally-manufactured seasonings, albeit on a daily basis.

However, the brand will face competition. This is because Nestle Nigeria Plc is not the only player in the Nigerian seasoning market. The company’s Maggi brand (which has been in existence since 1872), is currently competing with Unilever’s Knorr.  More so, there are a number of other seasoning brands in the market.

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[READ FURTHER: These Seasoning cubes are setting the Nigerian food market on fire]

Going forward, the Maggi Signature brand is expected to complement Nestle Nestle’s overall financials which, so far this year, have been positive. The company’s revenue rose by 5% from N67.4 billion in Q1 2018 to N70.9 billion in Q1 2019.

Profit after tax also increased from N8.6 billion in Q1 2018 to N12.8 billion in Q1 2019, indicating a 49% increase quarter on quarter.

Nestle Nigeria Plc ended today’s trading session on the Nigerian Stock Exchange at N1,345.

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