Nestlé Pakistan ended the year on a positive note with a profit after tax of Rs. 16.5 billion, up 9.5 percent from Rs. 15 billion in the same period last year.
The results were shared after the Board of Directors’ meeting at the Company’s Head Office.
Along with the result, the company announced a final cash dividend of Rs. 19 per share i.e. 190 percent in addition to an interim cash dividend of Rs. 174 already paid during 2023.
Nestle also reported a 23.4 percent higher revenue of Rs. 200.6 billion compared to Rs. 162 billion in 2022.
The Company’s operating profit also witnessed an improvement as a result of the emphasis on the localization of raw and packaging materials, increasing its exports (to 18 countries) and tighter control on fixed costs.
The company focused on innovation and renovation and ensuring product availability, supported by investments behind the brands helped in the revenue boost. Growth was broad-based across the product portfolio.
Nestlé Pakistan invested Rs. 3.2 billion in the country with a focus on sustainability. Rs. 2 billion of the investment was spent on renewable energy.
The Company also achieved all of its sustainability targets for 2023, including greenhouse gas reduction, sustainable packaging, water regeneration, collection of plastic waste (more than 2,600 tons were managed under the waste management project Clean Gilgit-Baltistan Project) and a 7th clean, safe drinking water facility was inaugurated.
Nestle posted earnings per share of Rs. 363.68 for 2023 compared to an EPS of Rs. 331.86 in the same period last year.
The Company maintains a cautiously optimistic outlook for 2024, despite continuing challenges on input costs. The Company’s focus on resilience and contribution to the national economy will continue.