Nestlé Nigeria Plc has recorded a 17.7% per cent revenue growth in its first half of 2023 financial results, rising to N 261.8 billion.

The food and beverage specialty company 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.nestlecwa.com/en/investors/nigeri

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)

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 and beverages our loyal customers expect from us.“