Effect of Sales Revenue Growth on the Corporate Performance of Nigerian Listed Foods and Beverages Manufacturing Firms

Abstract

This study investigated the effect of sales revenue growth on the corporate performance of listed Nigerian foods and beverages manufacturing firms. The study used secondary source of data to collect panel data from the financial statements of the selected firms between 2011 and 2020. The population of the study is made up of the eight (8) listed foods and beverages companies listed on the Group Stock Exchange Nigerian Limited. The sample four (4) of the firms were obtained using a purposive sampling technique. The study employed the correlation analysis and the ordinary least square technique for data estimation. The research work found that the co-efficient of the sales revenue on the return on assets is positively and significantly signed (0.17548, P-value of 0.02 < 0.05) with the correlation result of 0.8965. The study therefore concluded that sales revenue growth has a positive effect on the corporate performance of listed foods and beverages manufacturing firms in Nigeria with a strong positive correlation between the turnover and the firms’ performance. Therefore, the research work recommended that the directors of the foods and beverages firms should strategize on how to improve on their advert coverage to increase their markets share that will improve the level of their firms’ turnover in Nigeria.