Nestle shareholders approve N26.95bn dividend payout

The shareholders of Nestle Nigeria Plc have approved dividend of N27.50 kobo per share for the year 2014 proposed by the management of the company.

The shareholders are receiving a total dividend of N26.950bn for the 2014 financial period as against N15.853bn in 2013, translating to 70 per cent increase.

The Chairman, Nestle Nigeria Plc, Mr. David Ifezulike, who spoke at the company’s 46th Annual General Meeting held in Lagos, said the 2014 result was a proof of the many good things happening in the company.

He said, “In view of the good performance achieved in 2014 and in line with your board’s commitment to creating value for its shareholders, the board is proposing a dividend of N17.50 from the pioneer profits of the company.

“An interim dividend of N10 was earlier declared and paid, making a total dividend of N27.50 per share for the year 2014, representing eight per cent increase from 2013,”

Nestle Nigeria Plc revenue rose from N133.084bn in 2013 to N143.329bn at the end of the 2014 financial year.

Its profit after tax slightly dropped from N22.258bn to N22.236bn.

Ifezulike stressed the need for the incoming government to pursue and implement favorable macro-economic policies, including fiscal prudence supported by good monetary policy to maintain inflation at a single digit.

While noting the effort of the outgoing administration to privatise the power sector towards achieving stable electricity supply, he said the country had had to grapple with unstable power output which hovers currently between 2,700 megawatt and 3,500MW.

He urged the incoming administration to improve upon the reforms in the sector so as to deliver the much-desired stable power supply.

According to him, the incoming administration should ensure that its socio-economic programmes improve the lots of the Nigerian citizenry within the shortest possible time.

“A conducive business environment is imperative for the growth of the business sector and overall improvement of the economy. We also ask the incoming government to dialogue on regular basis with the private sector in order to receive and discuss inputs into the national budgetary development process and major economic reforms.”

These challenges have slowed down the realisation of the government transformation agenda and the nation’s quest of becoming one of the 20 most industrialised nations in the world by the year 2020, Ifezulike said.

Source : Punch

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