Shareholders approve Nestle’s N28.9 billion final dividend payment

SHAREHOLDERS of Nestle Nigeria Plc. have approved a final dividend of N28.931 billion, translating to N36.5 per share due to every of its investor for the 2022 financial year.

The shareholders who spoke at the 54th yearly general meeting of Nestle, in Lagos on Wednesday, urged the board to consider increasing bonus shares to the investors.

Reviewing its performance, Nestle Chairman, David Ifezulike, said the 2022 financial year was shaped by unpredictable changes in the business environment, ranging from continued state of insecurity to double- digit inflation and devaluation of the naira.

According to him, the business environment continues to recover from disruptions caused by the COVID- 19 pandemic as well as the Russia- Ukraine conflict, resulting in sustained high input costs and supply chain disruptions.

He added that in line with the policy of making shareholders the ultimate beneficiaries of the company’s business growth, the board approved a final dividend of N28.93 billion or N36.5 per share.

Ifezulike said the company, in 2022, recorded a 22.3 per cent increase in profit after tax over 2021.

He thanked the management and staff of Nestle for their commitment, dedication and ingenuity that drove the excellent results recorded in 2022 financial year, despite the current challenging business environment.

"In our tradition of continuously creating value for our shareholders, I am therefore pleased to announce that in addition to the interim dividend of N25 already paid to shareholders, the Board is pleased to propose for the consideration and approval of shareholders at this meeting, a total final dividend of N28,931 billion or N36.50k per ordinary share to be paid to our shareholders on 18th May 2023. This payment will be made subject to the deduction of withholding tax at the applicable rate," he said.

Ifezulike said Nestlé is passionate about maximising long- term value by accelerating growth, improving margins, and allocating resources and capital prudently for the benefit of its shareholder, partners and all stakeholders.