By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Beverage makers, Nestle Nigeria Plc said on Wednesday its 2014 full year pretax profit declined 6.1 percent to N24.445 billion compared with N26.047 billion in 2013 end.

Similarly post tax profit inch down slightly to 0.1 percent to N22.235 billion from N22.258 billion in the same period of 2013.

Turnover however climbed up eight percent (8%) to N143.328 billion from N133.084 billion in the corresponding period of 2013, the beverage maker said in a filing with the Nigerian Stock Exchange.

The board of the company has proposed a final dividend of N17.50 (vs. N24 in 2013) and with the interim dividend paid during the year, amounts to a total dividend of N27.50 (vs. N25.50 in 2013).

“We are pleased with the turnover growth despite the challenging macro-economic environment. It is encouraging that we sustained almost the same level of Profit after Tax in 2013 notwithstanding the devaluation of the Naira which increased our net finance costs. We will continue to increase our marketing investments, accelerate innovation and ensure that our pricing is always sensitive to consumer needs.”

“The directors have resolved to recommend to the members at the Annual General Meeting to be held on Monday, 11 May 2015 the declaration and payment of a final dividend of N17.50 (2013:N24.00) per share amounting to a total final dividend of N13,871,484,410.00 from the pioneer profits of the Company,” the company affirmed.

According to the board of the beverage maker, the final dividend per share is payable on the issued share capital of 792,656,252 (2013:792,656,252) ordinary shares of 50k each held by each member of the company registered in the books as at close of business on Friday, 24 April 2015.

“This will make a total dividend payment of N27.50k per share for the year ended 31 December 2014. The proposed final dividend of N17.50k from the pioneer profits will be paid on Tuesday, 12 May 2015 and is not subject to deduction of withholding tax,” the company affirmed.