Nestlé Nigeria – H1 2023 Financial Results
| Press release – Lagos, July 29, 2023 : Nestlé Nigeria PLC has announced a revenue of N 261.8 billion in the first half of 2023, an 17.7% increase compared to its performance in the same period of 2022. Gross profit is N 107.3 billion, an 34% increase over 80,205 earned in H1 2022. The Company posted a loss after tax of – N 49.9billion, a 280% decline over the same period in 2022. |
The detailed financial results are available online at https://www.nestlecwa.com/en/investors/nigeria
Results :
| Jan – Jun 2023 | Jan- Jun 2022 | |
| N’000 |
N’000 |
|
| Revenue | 261,769,509 | 222,450,780 |
| Cost of Sales | (154,434,614) | (142,245,152) |
| Gross Profit | 107,334,896 | 80,205,628 |
| Marketing and Distribution expenses | (40,310,521) | (28,352,914) |
| Administrative expenses | (6,231,716) | (5,671,216) |
| Results from operating activities | 60,792,659 | 46,181,498 |
| Finance income | 7,815,651 | 4,521,336 |
| Finance costs | (137,725,905) | (6,962,925) |
Commenting on the results, Mr. Wassim Elhusseini, Managing Director and CEO of Nestlé Nigeria PLC, said, “I thank every member of our team for the unwavering commitment and dedication which resulted in the significant increase in revenue and gross profit over H1 2022 despite the challenging business environment.
Our profit after tax was, however, negatively impacted by the recent devalaution of the Naira, which necessitated the revaluation of our foreign currency obligations.
| Net finance costs | (129,910,255) | (2,441,589) |
| Loss before income tax | (69,117,596) | 43,739,909 |
| Income tax expense | 19,136,251 | (15,988,873) |
| Loss for the period | (49,981,345) | 27,751,036 |
Going into the second half of the year, we will continue to focus on optimising our operations to ensure the availability and accessibility of the nutritious food and beverages our loyal customers expect from us.“
– End –
About Nestlé Nigeria:
Nestlé Nigeria is one of the largest food and beverage companies in Africa. For over 59 years, the company has been delighting consumers around Nigeria by consistently delivering high quality nutritious food.
With a staff strength of over 2,200 direct employees, 3 manufacturing sites, 7 branch offices and a head office located in Lagos, the company produces and markets several iconic brands including NESTLÉ PURELIFE, GOLDEN MORN, MILO, MAGGI and NESCAFÉ. Nestlé’s purpose is to unlock the power of food to enhance quality of life for everyone today and for generations to come.
32 Comments
… [Trackback]
[…] Find More Info here to that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
The hint of this terpene fuse – Why is Terpinolene such a key component in the XJ-13 aroma is exceedingly good and fundamental, not too strong but mollify noticeable in the overcome way. It blends smoothly and adds a much better flavor diagram without compelling the entirety else. Even a small amount makes a contradistinction, which says a plight about the quality. The packaging was shielded, shipping was connected, and the unimpaired circumstance felt reliable. Unquestionably solid outcome and everyone I’d happily order again.
… [Trackback]
[…] Info on that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] Read More on to that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] Here you can find 80938 more Information to that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] Find More on that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] Find More on on that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] Find More on on that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] Here you can find 1632 additional Info to that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] Find More to that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] Read More Information here on that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] There you can find 18944 more Information on that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] Read More here on that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] Find More on that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] Find More to that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] Read More on that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] Information to that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] Find More Info here to that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
Your point of view caught my eye and was very interesting. Thanks. I have a question for you.
… [Trackback]
[…] There you can find 46010 more Information to that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] Read More Info here on that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] There you will find 63617 additional Information on that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] Read More to that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] Info on that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] Find More on on that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] Find More on that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] Read More to that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] Read More to that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] There you will find 19493 additional Info on that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] Info on that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] There you can find 72762 more Information on that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]
… [Trackback]
[…] Read More here to that Topic: streetwiseworld.com.ng/2023/08/02/nestle-nigeria-h1-2023-financial-results/ […]