It also leaves the company’s shareholders fund at N29.297 billion, more than one third lower than the N45.558 billion reported for 2019, affirming the pressure on the company capacity to sustain increased shareholder value in the years ahead.
Nigeria’s biggest food company has reported a 14 per cent slide or a drop of N6.471 billion in the bottom line for 2020 financial year, underscoring the enormity of the escalating costs of raw and packaging materials, and the rising value of changes in finished goods and products in process on the food processing industry as the pandemic weighs.profit for last year came at a time when total sales were rather up, even though marginally, by 1.1 per cent at N287.
Earnings were further capped by a more-than-triple surge in how much the grocery maker spent of paying interest on short-term loans, which came to N3.780 billion from N938.222 million, the audited financial statements of the company showed on Monday.posted a pre-tax profit of N60.638 billion, 17.3 per cent or N10.485 billion weaker than that of the preceding year.
Much more to do 🤷