By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Nestle Nigeria Plc operating in the Food/Beverages &Tobacco Sector of the Nigerian Stock Exchange (NSE) Friday declared a N1.50 Kobo Interim Dividend to investors of the Company for the nine (9) months Unaudited Accounts for the period ended September 30, 2011.
This was contained in the Result Announcement of Nestle to the Nigeria’s Exchange in Lagos Nigeria and obtained by www.investadvocateng.com .
To record the drop in interim dividend declared in the nine months Unaudited Period of year 2011. Nestle Nigeria had in the same period of year 2010, rewarded investors with a N1.95 Kobo Interim Dividend compared to N1.50 Kobo in the same period of year 2011; indicating a decline of 23.07 percent –(23.07%).
According to Nestle Nigeria, closure date of Register of shareholders and Ex-Dividend date is November 28 2011 respectively.
On October 25 2011, the Company presented to the Nigeria’s Exchange its Nine Month Unaudited Accounts for the Period Ended September 30 2011.
A review of the Q3 result of Nestle Nigeria showed that Turnover grew by 23.8% from the N57.3 billon reported in Q3 of year 2010 to N70.9 billon in the same period of year 2011.
According to a Research Note released October 26 2011 by Afrinvest West Africa a further increase in the Company’s cost profile (as seen from the Q2 2011 results) led to a 4.4% decrease in Profit Before Tax(PBT) to N12.7 billion from N13.3 billion in Q3 2010, while Profit After Tax (PAT) remained flat at N9.1bn.
“Quarter-on-quarter, Nestle reported a Turnover of N26.0 billion in Q3 2011, representing a 6.5% increase over the N24.4 billon posted in Q2. The Company however recorded huge declines of 38.3% and 28.6% on PBT and PAT to N3.7 billon and N2.9 billon from Q2 2011 levels respectively†the Afrinvest Research Note said.
In the same vein, Cement Company of Northern Nigeria Plc (CCNN) in its Third Quarter Result for the period ended September 30 2011 reported a Profit of 172.4% in the review period.
To achieve this, PAT increased from N574.836 million in the Q3 of year 2010 compared to N1.566 billion in the same period of year 2011; indicating an increase of 172.4%.
PBT also grew from N934.836 million in the Q3 of year 2010 compared to N2.297 billion in the Q3 of year 2011; showing a growth of 145.7%.
While Turnover was N9.764 billion in the Third Quarter of year 2011 compared with N8.389 billion; representing an increase of 16.4% in the review period.