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Wassim El-Husseini Managing Director, Nestlé Nigeria PLC

Nestle Nigeria records increase in revenue, reaching N547bn in 2023

By Esenvosa Izah

Lagos, Feb. 28, 2024

Nestle Nigeria PLC.  said its revenue in 2023 increased by over N100 billion, reaching N547 billion,  against N446 billion in 2022.

The company said, however, that the devaluation of the Naira had an adverse impact on profit after tax, resulting in a loss of N79.5 billion for 2023.

This is contained in a statement signed by the Manager, Corporate Communications, Public Affairs and Sustainability, Nestle Nigeria, Ms. Victoria Uwadoka, on Wednesday.

The statement said also, that the gross profit was N217.2 billion, representing a 39.4 per cent increase from N155.8 billion in 2022; operating profit increased by 41.2 per cent to N122.7 billion, an increase of N35.8 billion over 2022.

It stated that the Managing Director and Chief Executive Officer, Nestlé Nigeria PLC., Mr. Wassim Elhusseini, 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, 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.

“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,” it stated.

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