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Consumer goods firms’ income tax expense grows 44% to N43.6bn

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Consumer goods firms’ income tax expenses has surged 44 percent to N43.59 billion in 9M’2023 from N30.32 billion in the same period of 2022.

Dangote Sugar, Nestle Nigeria, BUA Foods, NASCON, and Unilever paid the most income tax of N14.3 billion, N13.59 billion, N5.78 billion, N5.3 billion, N5.3 billion, and N3.24 billion respectively.

However, Cadbury did not record income tax expenses during the period while Champion Brewery recorded N0.01 billion, International Breweries (N0.67 billion) and Nigerian Breweries (N0.7 billion).

Firm analysis

Dangote Sugar

Dangote Sugar’s taxation grew to N14.3 billion in 9M’2023 from N1.95 billion in the same period of 2022.

Dangote Sugar recorded a loss after tax of N27.03 billion from profit after tax of N24.83 billion.

Nestle Nigeria

Nestle Nigeria’s income tax expense dropped to N13.59 billion in 9M’2023 from N18.23 billion in the same period of 2022.

The firm’s loss after tax stood at N43.07 billion in 9M’2023 from profit after tax of N40.15 billion in the same period of 2022.

Nestle Nigeria recorded a loss per share of N54.33 per share from earnings per share of N50.66 per share.

BUA Foods

BUA Foods’ income tax surged to N5.78 billion in 9M’2023 from N5.51 billion in the same period of 2022.

The firm’s profit after tax rose to N105.62 billion in 9M’2023 from a profit of N68.76 billion in the same period of 2022.

BUA Foods recorded earnings per share of N5.87 per share in 9M’2023 from N3.82 per share in the same period of 2022.

Read also: Consumer goods firms battle unpaid bills as receivables rise by 94%

NASCON

NASCON’s taxation increased to N5.3 billion in 9M’2023 from N1.39 billion in the same period of 2022.

The firm’s profit after tax rose to N11.01 billion in 9M’2023 from N2.88 billion in the same period of 2022.

NASCON recorded an earnings per share of N5.54 in 9M’2022 from N1.45 in the same period of 2022.

Unilever Nigeria

Unilever Nigeria’s taxation increased to N3.24 billion in 9M’2023 from N821.13 million in the same period of 2022.

The firm’s loss after tax stood at N1.09 billion in 9M’2023 from a loss after tax of N2.25 billion in the same period of 2022.

Unilever Nigeria recorded a loss per share of N0.19 per share in 9M’2023 from a loss per share of N0.39 per share in this same period of 2022.

Nigerian Breweries

Nigerian Breweries income tax expense rose to N696.35 million in 9M’2023 from N291.72 million in the same period of 2022.

The firm’s loss after tax grew to N57.19 billion in 9M’2023 from N14.76 billion in the same period of 2022.
Nigerian Breweries’ loss per share stood at N6.89 per share from earnings per share of N182 per share.

International Breweries

International Breweries taxation rose to N669.68 million in 9M’2023 from N384.92 million in the same period of 2022.

The firm’s loss after tax stood at N28.55 billion in 9M’2023 from a loss of N2.81 billion in the same period of 2022.

International Breweries’ loss per share stood at N1.06 per share in 9M’2023 from a loss per share of N0.10 per share in the same period of 2022.

Read also: Inflation: Consumer goods firms woo buyers with new flavours

Champion Brewery

Champion Brewery’s income tax expenses dropped to N13.79 million in 9M’2023 from N528.41 million in the same period of 2022.

The firm’s loss after tax of N77.69 million in 9M’2023 from profit after tax of N1.26 billion in the same period of 2022.

Champion Brewery’s loss per share stood at N0.99 per share from earnings per share of N16.09 per share.

Cadbury Nigeria

Cadbury Nigeria did not record an income tax expense in 9M’2023 from N1.21 billion in the similar period of 2022.

The firm’s loss after tax grew to N10.24 billion in 9M’2023 from profit after tax of N2.82 billion in the same period of 2022.

Cadbury Nigeria’s loss per share stood at N545.34 per share in 9M’2023 from an earnings per share of N149.97 per share in 9M’2022.