Nestle’s Irish subsidiary reports sharp rise in revenues

An Irish subsidiary of the Swiss food giant Nestle posted a €68.1 million pretax profit in 2014, versus a €22.8 million loss a year earlier.

Nestle Ireland said turnover jumped from €118 million to €142 million over the 12 months under review.

The profit after tax amounted to €71 million as against a €21 million loss a year earlier.

The subsidiary’s parent is one of the world’s largest nutrition, health and wellness company. It is behind well-known brands such as Kit Kat, Nescafe, Smarties, Go Cat and Shreddies.

The company, which employed 63 people across sales, distribution and administration, said staff costs totalled €5.9 million, down from €6.6 million a year earlier when it had 70 employees.

Directors’ remuneration totalled €5.76 million versus €3 million a year earlier.

'The Irish Times' reported on Friday that another Nestle company, Wyeth Nutritionals Ireland, which was formerly Pfizer Nutritionals Ireland, posted a $76.7 million (€70.2m) pretax profit during 2014. This marks a 206 per cent increase from the $25 million recorded a year earlier.

Pfizer sold its infant formula business to Nestle in April 2012 in a deal worth $11.85 billion. The sale saw the ownership of Pfizer's infant formula plant in Askeaton, Co Limerick transferring to the Swiss group.

Wyeth said full-year 2014 turnover rose 11 per cent to $5..25 million from $4.76 million, due to increased demand for its products in China, Africa and the Middle East.

Annual output from the Limerick factory exceeds 40,000 tonnes with over 75 per cent of products exported outside the European Union.