Nestlé Nigeria PLC has announced a significant increase in sales, reaching N547.1 billion for the 2023 financial year, marking a robust 22.4% growth compared to the previous year’s corresponding period. The company’s Managing Director, Wassim Elhusseini, unveiled these figures during the release of Nestlé Nigeria PLC’s Full Year 2023 financial results in Lagos on Wednesday.
Elhusseini highlighted the notable performance metrics, with operating profit surging by 41.2% to N122.7 billion, while gross profit reached N217.2 billion, reflecting a substantial 39.4% increase from the previous year’s N155.8 billion. However, despite these positive indicators, the company faced challenges due to the devaluation of the Naira, resulting in a significant negative impact on its Profit After Tax (PAT).
The devaluation of the Naira adversely affected Nestlé Nigeria’s PAT, leading to a loss of N79.5 billion for the fiscal year 2023. Elhusseini acknowledged the resilience of the team amidst the challenging economic environment, expressing gratitude for their dedication and commitment, which contributed to the strong revenue growth and operating profit.
“While the devaluation of the Nigerian Naira in 2023 impacted our financing costs and consequently the profit after tax, we remain optimistic about our ability to navigate through the current economic challenges and emerge stronger,” stated Elhusseini.
Elhusseini reiterated Nestlé Nigeria’s commitment to its purpose of providing high-quality nutritious food and beverages to families across Nigeria, emphasizing responsible local sourcing and production. The company remains focused on optimizing operations to ensure the availability and affordability of nutritious products, anticipating a turnaround in the business environment.
Nestlé Nigeria, a leading food and beverage company in Africa, has been recognized for its contributions to society through Corporate Social Responsibility (CSR) initiatives. In 2023, the company received accolades such as the Sustainability, Enterprise, and Responsibility (SERAS) CSR Awards for Best Company in Rural Population Integration, Best Company in Food Security, and 2nd Runner-up for Most Responsible Organization in Africa, among others.
As Nestlé Nigeria navigates through economic headwinds, its commitment to quality, excellence, and societal impact remains unwavering, positioning the company as a key player in the region’s food and beverage industry.
Credit: News Agency of Nigeria (NAN)
