Nestlé Nigeria Defies Downturn With 25% H1 Profit Increase

Nestlé Nigeria has firmly dispelled any lingering doubts that Nigeria's less-than-stellar near-term economic outlook would significantly affect the company's financial results, turning in an impressive performance in H109 (the six months to June 30). Despite a forecast fall in GDP growth to 1.9% in 2009, on the back of lower energy prices, the firm reported a 25% year-on-year (y-o-y) increase in net profit, to NGN4.14bn (US$26.7mn), and 37% y-o-y increase in turnover, to NGN31.3bn.

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