NESTLE NIGERIA RECORDS HIGH IN H1 2023 FINANCIAL RESULTS

Nestlé Nigeria PLC has announced a revenue of N261.8 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)
[7/29, 3:26 PM] Ambassador Akin: 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
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. 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…