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Nestlé Nigeria Announces H1 2023 Financial Results ~ Prestige News

Published

2 years ago

July 29, 2023

prestigeNewsEditor

Managing Director and CEO Mr. Wassim El-Husseini

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.nestle cwa.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.“