Nestle Nigeria Plc (NGX: NESTLE) lost 19 per cent of its market value in 2 days, following two consecutive days of decline on the Nigerian Exchange with the equity value falling below N1,000 for the first time since mid-June 2020.
Consequently, N179.22 billion was wiped off its market capitalization in two days, – Thursday and Friday last week, as the share price slumped from N1,190 it closed on Wednesday to close at N963.90 per share on Friday.
Year-to-date, Nestle Nigeria Plc’s equity price is down 38.07 per cent, as it started the year at N1,556.50 per share.
Its current Market capitalization is N792.66 billion.
In the first nine months of the year, Nestle Nigeria Plc reported N333.47 billion revenue, a 27% increase from the N261.59 billion reported in the same period in 2021.
Its profit for the period also grew by 20% to N40.15 billion from N33.58 billion reported in the first nine months of 2021.
The company announced an interim dividend of N25.00 per 50kobo ordinary share, with a qualification date of November 18, 2022 and a payment date of December 5, 2022.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.