Nestlé Nigeria Grows Revenue By 17.7% To N261.8bn In H1 2023

Mr. Wassim Elhusseini, Managing Director and CEO of Nestlé Nigeria PLC

Nestlé Nigeria PLC has announced a revenue of N261.8 billion in the first half of 2023, an increase of 17.7% compared to its performance in the same period of 2022.

Gross profit is N107.3 billion, an increase of 34% over 80,205 earned in H1 2022.

The Company posted a loss after tax of – N 49.9 billion, a 280% decline over the same period in 2022.

The Company in a statement yesterday said the detailed financial results are available online at https://www.nestlecwa.com/en/investors/nigeria

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.“