Karachi October 29 2021: Nestle Pakistan Limited sales for the nine-month period ended September 30, 2021 continues to show signs of recovery, clocking a growth of 13.2 percent compared to the same period last year due to volume increase resulting from gradual relaxation of the COVID-19 related restrictions and overall improvement in economic activities coupled with pricing management.
The Company also made further progress in the recovery of operating profit, which increased due to favorable product mix and better absorption of overheads. In addition, lower financing costs for the period has contributed towards improvement in net profit.
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As a result, company reported net profit of PKR 9.0 billion which is 47 percent compared to PKR 6.2 billion in nine months of 2020.
Nestle management is of the opinion that economy is showing signs of recovery and the risks from the pandemic are gradually waning, increase in commodity and energy prices have resulted in a significant increase in input costs. The situation has been further aggravated by the recent devaluation of the currency.
The Management of the Company is fully cognizant of these circumstances and is taking all measures deemed necessary to manage the challenges and will continue to delight our consumers with quality products and remains cautiously optimistic about the future says Chief Executive Officer Mr. Samer Chedid
