Nestle's Ivorian unit grows profit 38% in first quarter

BREAKING NEWSMay 23, 2024 at 5:00 PM UTC

TLDR

Nestlé Côte d'Ivoire's Q1 2024 profit surged by 37.51% to 4.6 billion FCFA, driven by effective cost management and a 15.19% increase in turnover.
Ordinary activity results improved to 6.89 billion FCFA by March 2024, showcasing Nestlé CI's solid financial performance.
On the BRVM, Nestlé CI shares climbed by 8.71% in the past month to reach 7,490 FCFA as of May 21, 2024, indicating positive market performance.

After a stable performance in 2023, Nestlé Côte d'Ivoire posted a 37.51% increase in profit, reaching 4.6 billion FCFA ($7.6 million) in Q1 2024.

This growth is attributed to effective management of input costs and increased turnover, with turnover rising 15.19% to 60.7 billion FCFA from 52.7 billion FCFA in the previous year. Ordinary activity results also improved by 1.95 billion FCFA, totaling 6.89 billion FCFA by the end of March 2024.

On the BRVM, Nestlé CI shares have shown an upward trend, increasing by 8.71% over the past month to reach 7,490 FCFA as of May 21, 2024.

Key Takeaways

Nestle Côte d’Ivoire currently holds the ninth position as the most valuable stock on the BRVM, boasting a market capitalization of XOF 165 billion, which accounts for approximately 2.01% of the BRVM equity market. Closing at 7,490 XOF per share on Wednesday, Nestle has seen a modest gain of 1.42% since the beginning of the year when it started at 7,385 XOF per share, placing it 25th in terms of year-to-date performance on the BRVM. But shareholders can find optimism in recent performance, as the stock has accumulated a 9% increase over the past four-week period, ranking it 10th among BRVM stocks during this timeframe.

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