Nestlé Nigeria Books 24% Pre-Tax Profit Increase

Nestlé's Nigerian unit has reported a 24% year-on-year (y-o-y) increase in pre-tax profit to NGN10bn (US$65.8mn) over the nine months through to September 30 2009. A leading food and drink company with a turnover in excess of US$350mn, Nestlé Nigeria follows multinational rival Unilever (see our online service, November 6 2009, 'Unilever Nigeria Net Income Up More Than Twofold') in reporting strong earnings growth over the first three quarters of the year as the economic downturn in Nigeria appears to be tamer than most commentators initially feared.

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