Amid a challenging operating environment occasioned by insecurity, rising food inflation and currency devaluation, the revenues of some quoted companies, under the Consumer Goods segment, rose to N116.47 billion for the third quarter of the year ended September 30, 2021.
The weak macroeconomic state in the country had led analysts to opine that consumer demand would decrease, which will result in low revenue generation from Nigerian companies. However, Daily Sun analysis of some of the results filed by some companies showeded that top tier companies under the Consumer goods sector of the NGX from July to September 2021, made revenues amounting up to N116.47 billion.
The companies include Glaxosmithkline, Nestle and Unilever Plc. In a filing sent to the investing community, Glaxosmithkline Plc announced that its revenue grew by 9.47 per cent year-on-year (y/y) from N6.02 billion to N6.59 billion while its profit before tax (PBT) and profit after tax (PAT) grew by 49.88 per cent and 49.39 per cent y/y to N92.64 million and N62.79 million.
The company’s gross profit for the period rose to N1.593 billion as against N1.518 billion in 2020, while its earnings per share (EPS) grew 5 kobo as against 4 kobo in 2020. In the same vein, Nestle Plc, in its unaudited Q3 2021 financial results, announced a 25.7 per cent increase in revenue which stood at N90.15 billion while its PBT and PAT stood at N18.2 billion and N11.85 billion.