Nestle Nigeria Plc’s Board of Directors will meet on October 29th, 2018 to deliberate on several company issues, including the possibility of an interim dividend payment.
This was disclosed yesterday by the company’s Legal Advisor, Bode Ayeku, through a signed statement that was issued to the Nigerian Stock Exchange, NSE. According to the statement, the Board members will also discuss the company’s unaudited financial report for the quarter ended September 31, 2018.
In the meantime, Nestle Nigeria Plc has notified the investing public and the NSE of its Closed Period, during which time none of its representatives shall deal in the securities of the company. The Closed Period will commence tomorrow October 12th and end on October 30th, 2018.
Note that the company’s Board is comprised of eight members, including the Chairman, Mr David Ifezulike, and the Managing Director, Mr Mauricio Alarcon.
Nestle is continuing a culture of dividend payments
The company’s proposal to pay an interim dividend to its shareholders is in line with its culture of constant dividend payment. In 2017, it paid an interim of N11.8 billion which translated to N15 per ordinary share. Nestle later paid a final dividend of N21.8 billion in 2017 which translated to some N27.50.
An overview of Nestle’s recent financial statements
Nestle Nigeria Plc, which is a major player in the fast moving consumer goods (FMCG) market, has recorded impressive growth so far this year. According to its half-year result as reported by Nairametrics, the company the company recorded revenues to the tune of N135.3 billion. This was an 11% increase compared to the same period in 2017.
The company’s profit after tax had also increased from N16.5 billion in half-year 2017 to N21.4 billion in half-year 2018; marking a 30% growth rate.
Based on the results released so far by the company, it is safe to forecast that its Q3 result will equally be good.
The company is one of the biggest companies on the Nigerian Stock Exchange. Its shares are currently trading at N1,420.30 on the Nigerian bourse.