Nestle Nigeria Plc, a leading food and beverage company in Nigeria, reported revenue of N261.8 billion in the first half (H1) of 2023, 17.7percent increase compared to its performance in the same period of 2022.
Gross profit stood at N107.3 billion, 34percent increase over N80.205billion earned in H1 2022.
According to the H1 2023 financial results submitted to the Nigerian Exchange Limited, the company, however, reported a loss after tax of N49.9 billion, a 280 percent decline over same period in 2022.
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 and
beverages our loyal customers expect from us.“
The detailed financial results are available online at https://www.nestle-
cwa.com/en/investors/nigeria
