Olasunkanmi Oduntan –
Nestlé Nigeria Plc has announced a significant revenue increase of 43.4% Year-on-Year (YoY) for the first quarter ended March 31, 2024, reaching N183.5 billion, up from N128 billion in the same period last year.
The company’s Q1 2024 financial report, submitted to the Nigerian Exchange Limited (NGX), reveals a decline in gross profit, which fell to N49.1 billion from N51.6 billion in Q1 2023. The further devaluation of the Naira during the quarter contributed to a net loss of N142.7 billion, adversely impacting the company’s profit.
Mr. Wassim Elhusseini, CEO and Managing Director of Nestlé Nigeria Plc, commented on the results, stating, “Our first quarter sales reflect a positive growth momentum despite a challenging business environment. The broad-based growth across our portfolio demonstrates the resilience, adaptability, and commitment embedded in our business.”
He highlighted that the revenue increase of N55.5 billion over the same period last year showcases strong sales performance, with total earnings reaching N183.5 billion. However, he noted that the Naira’s devaluation led to a revaluation of foreign currency obligations, resulting in the reported net loss.
Looking ahead, Elhusseini emphasized the company’s commitment to optimizing operations to ensure the continued availability and accessibility of high-quality food and beverages for consumers throughout 2024.