Nestle Nigeria profit down slightly, dividend up nearly 7-fold

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nestleNestle Nigeria said on Wednesday its pretax profit for the 9 months to the end of September fell marginally to 20.16 billion naira ($122.03 million), from 20.37 billion naira a year earlier.

Revenue however rose to 102.66 billion naira, compared with 95.41 billion naira in the same period last year.

The Nigerian unit of the world’s biggest food group, Nestle SA, said it had proposed an interim dividend of 10 naira for each share payable on Nov. 21, nearly seven times the 1.50 naira dividend it paid a year ago.