Nestle operating profit hits N122.7bn

Nestlé Nigeria Plc recorded gross profit of N217.2 billion for the 2023 financial year.

The amount represents a growth of 39.4 per cent from N155.8 billion recorded in the same of period of 2022.

The company sales increased by 22.4 per cent  over the previous year, with earnings of N547.1 billion, an increase of N100.2 billion over level.reported in 2022 financial year.

Operating profit increased by 41.2 per cent to  N122.7 billion, an increase of N 35.8 billion over 2022. 

However, the devaluation of the Naira had an adverse impact on profit after tax, resulting in a loss of -N79.5 billion for 2023. 

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 strong revenue growth and operating profit vs 2022 despite the challenging economic environment.  The devaluation of the Nigerian Naira in 2023 which led to a revaluation of our foreign currency obligations undoubtedly impacted our financing cost and consequently the profit after tax. However, we remain optimistic of our capacity to overcome the current economic difficulties and emerge stronger.”