KUALA LUMPUR: With the results of its first-quarter ended March 31 (1Q24) performance in, Nestle (M) Bhd
said 2024 is shaping up to be a challenging year with pressure on short-term growth as a result of inflation and foreign exchange volatility.
The consumer group reported a 1Q24 net profit of RM195.51mil as compared to RM197.15mil, representing an earnings per share of 83.37 sen compared to 84.07 sen.
Turnover during the quarter under review was RM1.78bil, 3.2% lower than RM1.84bil in the first quarter of last year as domestic sales declined slightly by comparison.
“Amid a challenging environment where consumers remained cautious with their spending and intense competitive landscape, we continued to focus on delivering high quality products, made in Malaysia by Malaysians, to meet our customers’ expectations for taste, convenience, nutrition and value.
“During the Chinese New Year and start of Ramadan, our teams remained laser focused in ensuring effective commercial execution, relevant communication and operational excellence across all channels,” said Nestle Malaysia chief executive officer Juan Aranols in a statement.
He said innovation played again a key role in the quarter, with successful seasonal offerings such as the Kit Kat Dragon, and convenient additions to the Harvest Gourmet range including the new Puff Pastries.
“The quarter saw also the relaunch of Nestle Enercal Complete, a holistic nutritional solution developed to meet the nutritional requirements of adults to support their healthy ageing requirements, as well as the introduction of Maggi In My Mug, a new convenient option to enjoy Maggi noodles at any time of the day with a more convenient and environmentally efficient packaging solution that has seen great early acceptance amongst Malaysians.”
He referred also to the group’s progress in its environmental, social and governance agenda.
“An important milestone was the official launch of our biomass boiler in our Chembong factory in Negri Sembilan – Nestle’s largest Milo plant in the world, allowing to decrease the factory’s greenhouse gas emissions by 14,000 tonnes of carbon dioxide equivalent annually,” he said.
Nestle embarked on other initiatives such as providing school essentials to 2,600 primary school students across the country or the multiple food donations funded by its different brands.
The group also lent its support to the Palestine and Syrian refugees in Malaysia in collaboration with Malaysian Humanitarian Aid and Relief.
“We remain fully focused, as we have done through our 112 years of presence in the nation, to meet the needs and expectations of Malaysians,” added.
The group is a responsible and proactive partner to bring positive societal change at multiple levels to fulfil its mission to enhance the quality of life of Malaysians, according to Aranols.
