Nestlé Pakistan announces financial results for Q1 2020

KARACHI: Nestlé Pakistan posted revenue of PKR 29.8 billion, an increase of 2.6% compared to the same period last year, despite many difficulties emanating from the COVID-19 crisis.

Juices and water, as well as products for the out-of-home channel, were severely impacted by the lockdown. In addition, the Afghanistan border closure had a significant impact on exports. Net profit for the same period has declined mainly due to higher financing cost and currency devaluation impact.

These quarterly results were announced following a Board of Directors’ meeting at the Company's Head Office.

In view of the very exceptional situation caused by COVID-19, we will continue to prioritize the health and wellbeing of our employees, business continuity, and supporting communities with our relief efforts.

In order to meet the nutritional needs of both affected and frontline heroes during these times, Nestlé Pakistan committed PKR 100 million in the national response to the COVID-19 pandemic.

As part of the pledge, the company is providing product and cash donations, which includes 4 million servings of milk, iron-fortified dairy products, baby cereals, water, and juices.

Nestlé Pakistan has also partnered with the Pakistan Red Crescent Society (PRCS) and will benefit from its unmatched presence and expertise in providing first-aid, emergency response, and epidemic control. Cash donation provided by Nestlé Pakistan will be utilized for the installation of hand hygiene stations in public places, quarantine, and health facilities across Baluchistan and Khyber Pakhtunkhwa.

In addition to the above, the company will also match voluntary cash contributions made by its employees, and the total amount will be given away as a cash donation.

-MN Report