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Nestle Nigeria Plc, the leading food and beverage company, has released its annual report and financial statements for the full year ended December 31, 2015. The report, which was released today at the Nigerian Stock Exchange, shows that the company’s after-tax profits rose 7 percent year-on-year to N23.74 billion in 2015, compared to N22.24 billion reported in 2014.

Nestle said its revenues rose 6 percent to N151.27 billion in 2015, compared to N143.33 billion in 2014.

Out of its N151.27 billion revenues last year, Nestle said it earned N148.21 billion in Nigeria, N1.68 billion in Niger, N633.39 million in Ghana, and N239.46 million in Togo.

Nestle Nigeria has proposed a final dividend of N19 per share, up from N17.50 proposed in 2014.

The company has a range of products spanning beverages, baby foods, dairy, culinary and coffee products. In a report published by Moody’s Investors Services in November 2015 examining the outlook for multinational companies operating in Nigeria, Nestle said it remained optimistic about the long-term potential of its business in Nigeria.

The company’s stock on the NSE closed at N690 on Tuesday.