August 25, 2021

Solid! Nestle Shares Are Among The Most Profitable Counters Today

 The share price of Nestle (Malaysia) showed a jump of RM1.70 or 1.27% to RM135.60 and was listed among the most profitable counters in the trading session on Bursa Malaysia today.

Entering the midday break, Nestle's share price remained at RM135.00.

The surge was affected after the company announced its net profit for the second quarter ended June 30, 2021 increased 27.46% to RM134.53 million.

The rate has also cut the net profit achieved in the same period last year by around RM105.53 million.

In addition, it was influenced by a growth rate of 8.4% in its core food and beverage (F&B) business and the recovery of the external business (OHH).

The growth is seen to have soared compared to very low sales last year due to tightened closures to curb the spread of the Covid-19 pandemic.

Nestle has also stated that an interim dividend of 70 sen per share will be paid on October 7, 2021 to its shareholders.

Meanwhile, the increase in revenue was supported by tax cuts from reinvestment allowance tax incentives for new plant -based food solution manufacturing facilities.