Nestle Nigeria Plc (NSE- NESTLE) reported just a 1% rise in revenue with a 13% drop in profit for the nine months ended 30 September 2020, according to its unaudited financial statements filed with the Nigerian Stock Exchange.

Revenue rose by 1% to N212.7 billion for the nine months from January to September 2020 from N211.3 billion posted in 2019. In the three months from July to September 2020, the revenue rose to N71.7 billion from N69.4 billion in Q3 2019.

The cost of sales increased disproportionately with the marginal rise in revenue thus, resulting in a decline in gross profit. The cost of sales rose by 6.7% to N122.7 billion representing 57.7% of the total revenue for the nine months.

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