Nestle Nigeria said on Wednesday its 2014 full year pretax profit fell 6.1 percent to 24.44 billion naira ($121.59 million) compared with 26.04 billion naira a year earlier.

Revenue however rose to 143.32 billion naira, from 133.06 billion naira in the same period last year, the company said in a filing with the Nigerian Stock Exchange.

The Nigerian unit of the world’s biggest food group, Nestle SA, said it had proposed a final dividend of 17.5 naira for each share, down from 19.02 naira dividend it paid a year ago.

In an explanatory note to the filing, Bade Ayeku, company secretary said:

“We are pleased with the turnover growth despite the challenging macroeconomic
environment. It is encouraging that we sustained almost the same
level of Profit After Tax in 2013 notwithstanding the devaluation of the Naira
which increased our net finance costs. We will continue to increase our
marketing investments, accelerate innovation and ensure that our pricing is
always sensitive to consumer needs.”

“The directors have resolved to recommend to the members at the Annual General
Meeting to be held on Monday, 11 May 2015 the declaration and payment of a final
dividend of N17.50 (2013:N24.00) per share amounting to a total final dividend of
N13,871,484,410.00 from the pioneer profits of the Company. The final dividend per share is payable on the issued share capital of 792,656,252
(2013:792,656,252) ordinary shares of 50k each held by each member of the
Company registered in the books as at close of business on Friday, 24 April 2015.

This will make a total dividend payment of N27.50k per share for the year ended
31 December 2014. The proposed final dividend of N17.50k from the pioneer
profits will be paid on Tuesday, 12 May 2015 and is not subject to deduction of
withholding tax.”