Nestle shares rise further as profit doubles

PETALING JAYA: Nestle (Malaysia) Bhd's share price continued to rise by RM1.30 or 1.07% this morning, after its net profit doubled from RM66.9 million to RM133.5 million for the fourth quarter ended Dec 31, 2017.
At 11.05am, the stock, which was the top gainer, stood at RM122.80 with 43,300 shares changing hands. Nestle has a market capitalisation of RM28.6 billion.
Yesterday, the group said the higher earnings was attributed to phasing of marketing investment and continued sustainable cost management.
Nestle has proposed a final dividend of RM1.35 a share in respect of the financial year ended Dec 31, 2017 which will be paid on May 31, 2018, subject to shareholders' approval at the upcoming AGM.
This would bring the total dividend payout for the year to RM2.75.