Nimal Perera among Nestle Lanka’s top 10 shareholders; Norges Bank exits

High net worth investor Nimal Perera was among the top 10 shareholders of Nestle Lanka PLC as at September 30, 2021, with its third largest shareholder, Norges Bank exiting the top 20-shareholder list of the company. 

Perera was the ninth single largest shareholder of Nestle Lanka with 90,747 ordinary voting shares accounting for 0.17 percent ownership stake. 

Norges Bank, which was the third largest shareholder of Nestle Lanka with 0.47 percent stake as at June 30, 2021, didn’t appear among top twenty shareholders of the company for the first time since 2017, according to latest quarterly financial statements of filed with the Colombo Stock Exchange.

Norges Bank disposed nearly half of its shares in Nestle Lanka in mid part of this year. As at December 31, 2020, Norges Bank held 0.92 percent stake in Nestle Lanka and the market value of the holding was estimated at US$ 3.393 million at the end of last year.

Meanwhile, Swiss food giant, Nestlé S.A, the parent entity of Nestle Lanka continued to increase its controlling stake in the local unit to 91.95 percent at the third quarter ended September 31, 2021, compared to 91.21 percent at the end of the previous quarter and 90.82 percent at the end of the first quarter.

Nestle Lanka, which manufactures and markets Nescafe coffee, Maggi instant noodles, Nestomalt malted drinks, Milo and several other products, reported sales of Rs.11.3 billion for the third quarter, recording 8.2 percent increase from the same period in 2020. 

Though its cost of sales rose by 9 percent year-on-year (YoY) to Rs.7.6 billion during the quarter, the company managed to record 49 percent YoY increase in earnings to Rs.1.51 billion for the period. Earning per Share (EPS) rose to Rs.28.21 from Rs.19.93 a year ago. However, the company’s growth momentum slowed down in the third quarter compared to previous two quarters when the company recorded double digit growths in sales and earnings.

Year-to-Date (YTD), the company’s sales grew by 17.9 percent YoY to Rs. 32.9 billion while earnings grew by nearly 82 percent YoY to Rs. 4.09 billion.

Nestle Lanka share closed at Rs.1, 261.50, up Rs.1.50 or 0.12 percent yesterday.