Nestle Nigeria records marginal decline in half year profit, makes new board appointments

NIGERIA – Nestle Nigeria Plc has posted a double-digit growth in top-line earnings in the first half of 2021 ended June.

According to the company, its revenue jumped by 21.57% from N141.025 billion (US$342m) recorded in the previous corresponding period to N171.439 billion (US$415.9m)

However, a 262.15% jump in finance costs due to interest paid on loans taken to stem the effects of the COVID-19 pandemic caused a reduction in its profit before tax from the N33.86billion (US$82.15m) generated in H1 2020 to N33.37 billion (US$80.9m).

Its overall profit after tax marginally declined by 0.43% to N21.732 billion (US$52.72m), below N21.825 billion (US$52.95m) recorded last year.

Meanwhile, the food manufacturer has appointed Mrs Adebisi Lamikanra and Mr Ibukun-Olu Ipinmoye as a non-executive director and executive director respectively.

According to the company, Mr. Ibukun-Olu is currently the Factory Manager, Agbara factory.

Nestle Nigeria’s half year profit after tax declined by 0.43%

He joined Nestlé Nigeria in 1993-as a Graduate trainee and was promoted to the position of Assistant Manufacturing Manager in the Culinary Plant, Agbara.

His work continued in various capacities in the factory until 2010 when Ibukun was transferred to Central WestAfrica Region as the Regional Manufacturing Specialist (Cereals & Béverages).

A year after, he assumed the role of Regional Manufacturing Expert for Infant Cereals in Sub Saharan Africa, providing manufacturing support on Infant Cereals and developing application group competencies.

In 2014, he was promoted as Plant Manager, Beverages in Agbara factory, where he led several technological changes including the installation of the MD3+ for Vacuum Band Dryers (VBD) and End of Line Automation for 20g packs as well as high-speed pressing and wrapping confectionary lines.

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In- 2016, he was appointed as Factory Manager, Flowergate Factory where he effectively built and sustained a high performing culture at the factory.

He holds M.Sc degree in Biochemistry from the University of llorin and M.Sc. degree in Management from Commonwealth Open University, United Kingdom and is a Fellow of the institute of Management Consultants.

Meanwhile, the newly appointed non-executive Director, Mrs Lamikanra has over 30 years of professional experience providing advisory and consulting services to various private and public sector entities within and outside Nigeria and has been involved in various landmark industry reform initiatives in the Nigerian banking and finance space.

She is currently the thematic leader for the non-banking subsector for Nigerian Economic Summit Group and also board member of Corona Schools Trust, Standard Chartered Bank Nigeria, Evercare Hospital Nigeria, and Coronation Securities Limited Nigeria.

Also, she is the Co-chair of Women Corporate Directors in Nigeria and one of the promoters of an NGO which is focused on providing employability training to up and coming Nigerian graduates.

The appointee has also lent her expertise as the head of the Advisory practice of KPMG Nigeria consisting of Management Consulting, Deal Advisory, Technology Advisory and Risk Consulting business units. Mrs. Lamikanra has a degree in Economics and she is a Fellow of the Institute of Chartered Accountants of Nigeria.

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