Nestlé Pakistan Limited (PSX: NESTLE) reported its full-year results for 2022, recording a handsome double-digit profit growth of 17.8 percent in 2022 from the profit of the preceding year 2021 due to a substantial increase in its sales across the country.
According to the financial year announced, the bank reported a profit of Rs. 15.04 billion in 2022 as compared to the profit of 2021 which stood at Rs. 12.76 billion, increasing profitability by over Rs. 2 billion in one year.
Along with the result, the board of directors announced a final cash dividend of Rs. 95 per share (950 percent) in addition to the Rs. 240 cash dividend already paid during 2022.
The overall revenue also increased to Rs. 162 billion in 2022 as compared to Rs. 133 billion reported in 2021.
This growth was achieved despite external challenges of high inflation, limited foreign exchange availability to pay for imports, and devastating floods.
The operating profit also improved from Rs. 21.5 billion to Rs. 26.7 billion, as a result of sales growth, favorable product mix, pricing management, and tighter control on fixed costs.
The earnings per share of the company also increased to Rs. 331.86 from Rs. 281.55.
The company maintains a cautious outlook for 2023 due to external challenges e.g. restriction on imports, low foreign exchange availability, pressure on the local currency, and an increase in taxes.