Nestle Nigeria launches new maggi variants as profits rise 49% in Q1

NIGERIA – Nestle Nigeria Plc has launched a new powder seasoning product ‘Maggi Signature’ available in three flavour variants; Jollof, Miya and Pottages into the Nigerian market.

Speaking during the launch, the Managing Director, Nestle Nigeria Plc, Mr Mauricio Alarcon, said that the product continues to promote the companies ambitions of enhancing healthy lifestyles through fortification and provision of practical nutrition education across the country.

Nestle Nigeria Category Marketing Manager, Nwando Ajene, explained that that the new range of products has been tailored to suit the local tastes and cooking habits of the different regions in Nigeria.

As it continues to grow its product portfolio, the food and beverage company posted a 49% increase in net income to US$35.58 million (N12.8bn) during the first quarter of 2019 up from US$23.9 million (N8.6bn) recorded in the corresponding period previous year.

The firm said this was driven by a reduction in finance cost to US$1.3 million (N469m) from US$3.06 million (N1.1bn), a 60% decrease as well as a 79% gain in finance income, which rose to US$1.4 million (N504m).

The company’s net revenue grew by 5.19% to US$ 197.35 million (N71bn) while sales at its food segment increased by 5.7% year on year while beverage sales expanded by 4.3%.

“In the first quarter of 2019, Nestlé Nigeria continued its emphasis on creating demand as well as strengthening brand loyalty programs to increase market penetration.

“The company also continued to focus on creating shared value for society and its shareholders by delivering high quality nutritious products to consumers and contributing to the growth of the local economy through local sourcing and increasing access to clean drinking water in the communities where it operates,” the company said in a statement.

Given the strong performance, the company’s resilience to drive growth in sales supported by a strong grip across key markets is expected to sustain the firm amid   competition from smaller local and imported brands.

“We are pleased with the sustained growth of our company, the loyalty of our consumers and the discipline and dedication of our people to provide tastier and healthier foods and beverages,” the company said.

Looking forward to the rest of 2019, the firm said it was optimistic that its current business model will keep delivering satisfactory results to its shareholders and to society in line with its Creating Shared Value principle, reports Beverage News.

The company reiterated: “Providing high-quality and affordable nutritious products which meet the needs and preferences of its consumers will remain its priority as it helps build thriving, resilient communities through sustainable local sourcing and continuous product innovation.”

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