NESTLE rounded off its 2021FY financial scorecard on an impressive note, delivering robust double-digit (+22.55%YoY) growth to NGN351.82bn in 2021FY (from NGN287.08bn in 2020FY). The outstanding performance was propelled by the increase in domestic sales (+22.59%YoY) supported by the rebound in economic activities, increased household spending and continued customer loyalty to the company’s product. The firm also revised upward the prices on products in the food segment (which typically makes up c.61% of total revenue) like Maggi, Golden Morn, and Cerelac, pushing the segment’s revenue higher by +21.29%YoY.
