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Nestlé Nigeria MD/CEO, Wassim Elhusseini

Nestlé Nigeria announces impressive Q1 2021 financial results

Nestlé Nigeria MD/CEO,Wassim Elhusseini

Nestlé Nigeria PLC has announced its financial results for the first quarter of 2021, ending 31 March 2021. The company recorded revenue of N 87.3 billion against N 70.3 billion during the same period in the previous year, a top-line growth of 24.1%. Profit after tax stood at N 12.4 billion according to the unaudited financial statements of the Company.

The financial results were reviewed and approved by the Board of Nestlé Nigeria PLC during its meeting held on 29th April 2021.

January-March 2021                                                                                  January-March 2020
N’000                                                                                                            N’000
Revenue 87,257,701                                                                                   70,329,350
Cost of Sales -52,514,964                                                                          -38,671,684
Gross Profit 34,742,737                                                                             31,657,666
Marketing and Distribution expenses -11,109,209                             -11,042,047
Administrative expenses -3,319,315                                                       -3,078,061
Results from operating activities 20,314,212                                        17,537,558
Finance income 123,340                                                                             335,242
Finance costs -1,435,121                                                                              -417,928
Net finance costs -1,311,781                                                                         -82,686
Profit before income tax 19,002,430                                                       17,454,873
Income tax expense -6,602,429                                                                 -6,259,478
Profit for the period 12,400,001                                                                 11,195,394

Commenting on the results, The Managing Director and CEO of Nestlé Nigeria PLC, Mr. Wassim Elhusseini said, “I am inspired by the way our team has performed under difficult circumstances. With three more quarters still ahead of us, we will continue to drive sustainable growth despite the challenges of the COVID-19 pandemic.”

“With the roll-out of COVID-19 vaccination in progress, we are optimistic that the business environment will continue to improve. Our priorities will remain keeping our people safe, assuring continued supply of essential nutritious food and beverages to consumers and caring for our communities and business partners.”

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