H1’2023: Nestle Nigeria’s revenue hits N261.8bn

Nestlé Nigeria Plc reported revenue of N 261.8 billion in the first half of 2023, an increased by 17.7 percent when compared to its performance in the same period of 2022.

Also the company’s Gross profit hits N107.3 billion, an 34 percent increase over N80,205 billion 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 N 49.9 billion, a 280 percent decline over the 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 devaluation 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.“

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