Nestlé Nigeria Releases H1 2023 Financial Results

Nestlé Nigeria Releases H1 2023 Financial Results

Lagos, July 29, 2023 : Nestlé Nigeria PLC has announced a revenue of N 261.8 billion in the first half of 2023, an 17.7% increase compared to its performance in the same period of 2022. 

Gross profit is N 107.3 billion, an

34% increase over 80,205 earned in H1 2022. The Company posted a loss after tax of - N 49.9billion, a 280% decline over the same period in 2022. 

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 devalaution 

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.“