Nestlé Nigeria–H12023Financial Results
Nestlé Nigeria PLChas announced a
revenue of N 261.8 billion in the first half of 2023, an17.7% increase compared
to itsperformancein the same period of2022. Gross profit is N 107.3 billion, an
34% increase over 80,205 earned in H1 2022.
The Company posted a lossafter
tax of-N49.9billion, 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 –Jun2023Jan-Jun2022
N’000
N’000
Revenue261,769,509222,450,780
Cost of Sales(154,434,614)(142,245,152)
Gross Profit107,334,89680,205,628
Marketing and Distribution
expenses
(40,310,521)(28,352,914)
Administrative expenses(6,231,716)(5,671,216)
Results from operating activities60,792,65946,181,498
Finance income7,815,6514,521,336
Finance costs(137,725,905)(6,962,925)
Net finance costs(129,910,255)(2,441,589)
Lossbefore income tax(69,117,596)43,739,909
Income tax expense19,136,251(15,988,873)
Lossfor 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 2022despite 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 and
beverage
sour loyal customers expect from us.“
