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Nestle Annual Pre-tax Profit Rises

By RTTNews Staff Writer   ✉  | Published:  | Google News Follow Us  | Join Us
rttnewslogo20mar2024

Nestle SA (NSRGY.PK) Thursday reported profit before taxes, associates and joint ventures of CHF 13.239 billion for the full year, higher than CHF 12.703 billion in the previous year.

Trading operating profit increased to CHF 14.633 billion from CHF 14.520 billion a year ago.

Excluding one-time items, underlying trading operating profit was CHF 15.704 billion, down from CHF 16.053 billion in the prior year.

Operating profit, including other operating income and expenses rose to CHF 14.724 billion from CHF 14.063 billion last year.

Net profit, however, declined to CHF 10.884 billion or CHF 4.19 per share from CHF 11.209 billion or CHF 4.23 per share a year ago. Underlying EPS was CHF 4.77, down from CHF 4.80 last year.

Sales for the year decreased to CHF 91.354 billion from CHF 92.998 billion in the previous year. On an organic basis, sales grew 2.2 percent.

The company's Board plans to propose a dividend of CHF 3.05 per share, up from CHF 3.00 per share last year, to be payable from April 24. The ex-dividend date is April 17.

Looking ahead, the company has confirmed its fiscal 2025 outlook.

"Increasing investment to drive growth is central to our plan. This means delivering superior product taste and quality with unbeatable value, scaling our winning platforms and brands, accelerating the rollout of our innovation 'big bets' and addressing underperformers. We are creating the fuel for these growth investments through our new CHF 2.5 billion three-year cost savings program. We are making good progress and have already secured over CHF 300 million of these savings for 2025," said Laurent Freixe, CEO.

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