Nestle Nig Plc releases dividend payment for 2022

Nestle Nig Plc has revealed its FY 2021 results, displaying a profit of N40 billion, a marginal 2 percent rise over the previous year, on revenue that increased by 23%.

Prices of products and services continued to rise throughout the year, resulting in inflationary pressures that impacted both consumers and producers.

Despite higher sales due to double-digit food inflation, profit was severely hampered by poor cost management procedures, with production costs rising by a stunning 31% year over year.

The revenue of the company is divided into revenue from Nigeria and revenue from exports. During this time, Nigerian sales totaled N347 billion, while exports increased slightly to N5.29 billion. In addition, the corporation profited from income on government securities and commercial papers investments.

The full-year revenue performance of Nestle Nig Plc was hampered by high raw material and consumable prices, which had a trickle-down effect on profit.

Border closures, increased foreign commodity prices, double-digit food inflation, and FX market volatility all harmed the company's income. During the same period, however, marketing and distribution costs climbed by around 10%.

The company's stock last traded at N1,435.00 per share, down 7.81 percent year to date.

A final dividend of N25.50 per kobo ordinary share will be paid to shareholders whose names appear in the Register of Members as of the close of business on May 27, 2022, from the after-tax profit for the year ended December 31, 2021, subject to appropriate withholding tax and approval at the Annual General Meeting. The proposed final dividend would be paid in addition to the N25.00 interim dividend that was paid in December 2021.

From Monday, May 30, 2022, through Friday, June 3, 2022, the Register of Shareholders will be closed.

The deadline for qualification is May 27, 2022.

Dividends will be paid electronically on June 30, 2022, to shareholders whose names appear on the Register of Members as of May 27, 2022, and who have completed the e-dividend registration process and instructed the Registrar to deposit their dividends immediately into their bank accounts.

Shareholders having unclaimed dividend warrants and share certificates who have not yet presented them for payment or returned them for validation should complete the e-dividend registration form or contact the Registrar.