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Nestlé Nigeria Q2 profit climbs YOY

Nestlé Nigeria PLC said its normalized net income for the second quarter was 4.45 billion nairas, a gain from 4.29 billion nairas in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 11.6% from 12.7% in the year-earlier period.

Total revenue grew 13.6% year over year to 38.37 billion nairas from 33.77 billion nairas, and total operating expenses rose 14.0% on an annual basis to 30.45 billion nairas from 26.70 billion nairas.

Reported net income came to 5.93 billion nairas, compared with 5.83 billion nairas, or 7.36 nairas per share, in the prior-year period.

As of Aug. 14, US$1 was equivalent to 199.17 nairas.