(Ecofin Agency) - Nestlé Côte d'Ivoire made it to the top 5 best-performing stocks in sub-Saharan Africa. The BRVM-listed company ranks 4th thanks to good performances in 2020 with a first dividend distribution in five years.
The company posted a record net profit last year and started 2021 on a good note. As of August 13, Nestlé CI’s stock value was high by 1,056.25%. Net profit for Q1 2021 was up 893% compared to the same period in 2020. For the first time since 2015, the company has distributed dividends to its investors with a yield of 10.9%.
The result was supported by lower expenses and higher productivity, according to the management team. Over the 12 months ending in March 2021, the company reported cumulative sales of nearly CFA180 billion. This is 2.2 times its stock market value of CFA81.6 billion.
The results for the first half of 2021 and the following quarters should however be monitored.