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April 23, 2024
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Nestle Nigeria records increase in revenue reaching N547bn in 2023

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Nestlé Nigeria PLC has declared a N547.1 billion sales increase for the 2023 financial year, translating to a 22.4 per cent increase of N100 billion compared to the corresponding period of 2022.

Its operating profit also jumped by 41.2 per cent, reaching 122.7 billion; while Profit After Tax was negatively impacted by the devaluation of the Naira.

The Manager, Corporate Communications, Public Affairs and Sustainability, Nestle Nigeria, Ms Victoria Uwadoka,highlighted these in a statement on Wednesday.
It stated that the Managing Director and Chief Executive Officer, Nestlé Nigeria PLC., Mr Wassim Elhusseini, made the disclosure in the Nestlé Nigeria PLC Full Year 2023 financial results on Wednesday in Lagos.
He added that while its gross profit totalled N217.2 billion, representing a 39.4 per cent increase from N155.8 billion in 2022, the devaluation of the Naira had an adverse impact on its PAT resulting in a loss of N79.5 billion for 2023.
 The complete financial results can be accessed online at https://www.nestle-cwa.com/en/investors/nigeria
He commended staff of the company for their unwavering commitment and dedication to the achievement.
“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 in spite of 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,” he said.
The Nestlé Nigeria Managing Director expressed the company’s dedication to its purpose of unlocking the power of food through responsible local sourcing and confection of high-quality nutritious food and beverages for families across Nigeria.
“Looking ahead, we remain dedicated to our purpose of unlocking the power of food through
responsible local sourcing and confection of the high-quality nutritious food and beverages
that families across Nigeria prefer.
“We also remain steadfast in optimising our operations to ensure the availability and accessibility of affordable and nutritious products to our consumers in anticipation of a timely turnaround in the business environment,” he said.
The News Agency of Nigeria (NAN) reports that Nestlé Nigeria is a leading food and beverage company in Africa, known for its quality, excellence, and commitment to creating shared value.
The company in 2023 received recognition for its contributions to society through its CSV initiatives.
Some of them include Sustainability, Enterprise and Responsibility (SERAS) CSR 2023 Awards for Best Company in Rural Population Integration, Best Company in Food Security, and 2nd Runner-up for Most Responsible Organisation in Africa among others.
The Company drives initiatives aimed at improving livelihoods: capacity building and access
to grants to empower women to achieve business growth, technical training programmes to
improve youth employability, and the promotion of good agricultural practices among farmers
to increase crop productivity and long-term income growth.(NAN)(www.nannews.ng)
Edited by Vivian Ihechu
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