By InvestAdvocate

Lagos (INVESTADVOCATE)-Beverage maker, Nestle Nigeria Plc said on Monday its pretax profit for the nine-month period ended September 30, 2015 rose 3.3 percent to N20.813 billion from N20.158 billion recorded a year ago.

Profit after tax (PAT) also inched up 2.2 percent to N17.236 billion from N16.862 billion in the corresponding period of 2014.

Also, revenue of Nestle Nigeria increased from N102.66 billion in the third quarter (Q3) period of 2014 to N107.98 billion in the review period of 2015; showing an increase of 5.2 percent, the beverage maker said in a filing with the Nigerian Stock Exchange (NSE).

Nestle in a statement signed by Bode Ayeku company secretary/legal adviser said “The company recorded a revenue growth of 5.2% for the 9-month period ended 30 September 2015 despite ,a challenging business environment and continued weak consumer sentiment. With the challenge of growing volume and managing costs, the company remained focused on investing more behind key brands to drive value for consumers while also refocusing efforts around sales and distribution activities. The inclusion of Wyeth Nutrition products in Nestlé portfolio in 2015 has also contributed to the revenue growth.

Net profit for the period improved by 2.2% despite higher input costs resulting from the devaluation of the Naira and increases in financing costs. In order to mitigate these cost impactors, the company implemented various efficiency and cost saving initiatives.

Regardless of the challenging macroeconomic environment, Management is committed to achieving positive results for the full year and remains optimistic about the long term potential of the business,” Nestle said.

The beverage maker declared an interim dividend of N10.00 per share to its investors, “the directors have the pleasure to inform the shareholders and the general public of the declaration of an interim dividend of Ten naira (N10.00k) (2014 N10.00k) per ordinary share of 50 kobo each in the share capital of the company from the pioneer profits of the company as at the year ended 31 December 2014 amounting to a total interim dividend of N7, 926,562,520.00.

According to the company, the interim dividend is payable on the issued share capital of 792,656,252 (2014:792,656,252)  ordinary shares of 50k each held by each member of the company registered in the books as at  close of business on Friday, 20 November 2015. The interim dividend of N10.00k from the pioneer profits will be paid on Monday, 7 December 2015 and is not subject to deduction of withholding tax.

“The Register of Members of the company will be closed from Monday, November 23, 2015 to Friday, November 27, 2015, both dates inclusive, to enable the preparation and payment of the interim dividend,’ the company added.