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.
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