Nestlé Nigeria – H1 2023 Financial Results

 Nestlé Nigeria – H1 2023 Financial Results

The detailed financial results are available online at https://www.nestlecwa.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)

Press release - Lagos, July 29, 2023 :

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 202

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 impactvh    5ed 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.“