The Chairman, Nestle Nigeria Plc, Chief Olusegun Osunkeye, Tuesday in Lagos declared that the company would open its new manufacturing complex in Sagamu, Ogun, in 2011.
Osunkeye said at the company’s 41st annual general meeting that the ultra-modern facility was located on 36.3 hectares of land.He said that the project would offer direct employment to 250 persons as well as provide indirect employment to many others.The chairman said that the company embarked on the project because of its strong belief in the potential of the local market and resilience of the Nigeria economy.
The company recommended a dividend of N12.55 for every ordinary share registered in the company’s financial statement by Dec. 31, 2009.The N12.55 compares favourably to the N8.40 paid in 2008.Osunkeye said that N1.95 of the N12.55 had been paid as interim dividend.He said that the company also recorded an increased turnover of N68.3 billion in 2009 as against N51.7 billion in 2008.
The chairman said that the company’s profit before tax also increased to N13.7 billion from N11.8 billion recorded the previous year, while profit after tax increased from N8.3 billion to N9.7 billion.Osunkeye attributed the impressive result to the company’s long-term thinking, capacity building operation and distribution, brands and innovations, among others.He said that the management believed in creating long-term value for the company’s shareholders as well as the society as a whole.
“We have analysed its value chain and determined that the areas of greatest potential for joint value optimisation with society are water, rural development and nutrition”, he said.According to him, the company will commence a water education for teachers (WET) in the last quarter of 2010.He added that early awareness of water resources would result to lifelong responsibility and positive attitude to community development.