The Board of Directors of Nestle Nigeria Plc has announced that the company would observe the close period of trading from October 14, 2019, to October 31, 2019, in respect of the company’s unaudited financial statements ended September 30, 2019.
This was disclosed in a notification that was sent to the Nigerian Stock Exchange (NSE). The company also said that its board would meet on October 29, 2019, to approve the results for Q3 2019.
Why this matters: The close period will allow the board to consider the company’s unaudited financial statements for the third quarter. Other company issues will also be discussed during the meetings.
What is a close period? A close period is a period before the release of a company’s result or financial statement when of course, those with sensitive information are not allowed to trade on the stock. These individuals may include company directors, audit committee members, persons discharging managerial responsibility, employees and consultants with sensitive information.
A look into the company’s half-year financials: Results for the half-year ending 30 June 2019 showed that the company recorded revenue growth of 5% from N135.2 billion recorded in 2018, to N141.9 billion this year. In the period under review, the company said it’s Profit Before Income Tax also increased by 27% to hit N40.4 billion this year, from the corresponding year’s result that recorded N31.8 billion.
About the company: Nestle Nigeria Plc is a publicly listed food and beverage speciality company headquartered in Lagos. It is the largest food company in the world. The company owns a plethora of brands like; beverages, cereals, Chocolate, confectionery and baked goods, foodservice products, frozen foods, healthcare nutrition, infant foods, performance nutrition, pet food, refrigerated products, seasonings, shelf-stable and yoghurt.