Nestles receives Shareholders commendation for ₦27.50 Kobo dividend
Giant food company, Nestle Nigeria Plc on Tuesday May 22, 2018 received shareholders encomiums for the ₦27.50 kobo proposed as final dividend by the board of the company, for the full year ended December 31, 2017.
The approved dividend is aside ₦15 interim dividend that was paid last, which now makes it a total dividend of ₦42.50 kobo for 2017 financial year.
The shareholders gave the commendation at the company 49th Annual general Meeting (AGM) in Lagos.
While commenting on the 2017 audited financial statement, some of the shareholders advised the board of directors on a numbers of areas, which includes consideration of bonus, appointment of a minority shareholders in the board, and the need to maximize the water factory located in Abaji, Abuja.
Responding to shareholders questions, chairman of the company Mr David Ifezulike explained that all their concerns will be looked it, as the company intends to sustain growth that will benefits all stakeholders, as the company remained the leaders in their categories.
He added that the company will increase its focus in marketing efforts on driving penetration through the Popularly Positioned Products (PPP) strategy and continuing to educate consumers on the benefits of good nutrition delivered by the company high quality products.
Ifezulike also used the opportunity to highlight some of the company’s achievement, which includes providing means of livelihood to thousands of farmers who supply the raw materials used in their factories.
“We also provided 20,000 litres of clean potable water daily to 1,800 people who live in close proximity to our factories”
He pointed out that the grain quality improvement project which is aimed at reducing Mycotoxin contamination through good farming and storage practices in partnership with International Fertilizer Development Center (IFDC), reached an additional 15,000 farmers in 2017. According to him the company also achieved a significant milestone by linking the farmers to financing to facilitate access to inputs thereby further increasing the profitability of their farm produces.
On the outlook for 2018, he said the economy is more promising than last year. Noting that this outlook is anchored in higher oil production and higher prices. Stressing that there is also high expectation of stronger agricultural performance. 2017 operating results shows that revenue increased by 34 percent and profit after tax was up by 326 percent, despite the high operating costs driven by the increased prices of most raw materials and inputs.
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