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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Nestle net profits up 20.9%

The company said it's targeting organic growth of 4 percent this year and a slight increase in operating margins. (AFP)
  • Nestle said turnover fell as a rising Swiss franc and a slight fall in sales volumes balanced out higher prices
  • The maker of Nespresso, Maggi seasonings, and the Smarties range of sweets said turnover fell 1.5 percent

Zurich, Switzerland– Swiss food giant Nestle Thursday said net profits last year rose 20.9 percent to 11.2 billion Swiss francs ($12.7 billion) after increasing prices of its products to offset growing costs.

The maker of Nespresso, Maggi seasonings, Purina pet foods and the Smarties range of sweets said turnover fell 1.5 percent to 93 billion Swiss francs due as a rising Swiss franc and a slight fall in sales volumes balanced out higher prices.

Currency moves knocked 7.8 percent off global revenue.

Stripping out currency effects and acquisitions or divestments, sales grew 7.2 percent in value terms and fell 0.3 percent in volume.

The results were marginally below expectations. Analysts polled by Swiss news agency AWP had on average expected net profit of 12.1 billion francs.

“Unprecedented inflation over the last two years has increased pressure on many consumers and impacted demand for food and beverage products,” Nestle chief executive Mark Schneider said in a statement.

“Looking to 2024, we are prioritizing volume- and mix-led growth with increased brand support, as we enhance value for consumers through active innovation and renovation, premiumization, affordability and more nutritious options,” he said.

The company said it’s targeting organic growth of 4 percent this year and a slight increase in operating margins.

Nestle is proposing a dividend of three francs a share, up 0.05 francs from the previous year.