Mr Elhussein will be taking over from Mauricio Alarcon who has been appointed as the Market Head of Nestlé Central and West Africa Region comprising 25 countries with head office in Ghana effective September 1, 2020.
However, Alacron will remain on the board of Nestlé Nigeria Plc as a non-executive director.
“The Board expresses its appreciation of Alarcon’s outstanding achievements in all ramifications since he was appointed as the Managing Director of the Company in October 2016 and is pleased that the Company will continue to benefit from his experience,” stated the company.
The Food and beverage giant, reported a 8.7% drop in profit in its first quarter (Q1) period ended March 31, 2020, due to increase in administrative and distribution expenses.
The company’s revenue during the period under review decrease by 0.9% to N70.33 billion (US$180m), against N70.97 billion (US$181m) attained in the corresponding period in 2019.
Cost of sales for the first quarter was N38.67 billion (US$99.15m), as against N39.50 billion (US$101.2m) that was recorded for in 2019. This represents a 2.1%.
However, gross profit for the period showed a slight improvement with a 0.6% increase to N31.66 billion (US$81.1m) from N31.47 billion (US$80.6m).
Profit before tax was N17.45 billion (US$44.7m) as against N19.12 billion (US$49m) that was achieved for the same period in 2019. This shows an 8.7% decline; while profit after tax is about N11.20 billion (US$28.7m), a 12.84% decline against N12.85 billion (US$32.9m) that was achieved for Q1 2019.