Nestlé Nigeria full year profit negatively impacted by Naira devaluation

Nestlé Nigeria Plc has released its full-year financial results for 2023. Revenue increased by over N100 billion, reaching N547 billion versus 2022; operating profit jumped by 41.2 percent, reaching N122.7 billion; while profit after tax was negatively impacted by the devaluation of the Naira. The devaluation of the Naira had an adverse impact on profit after tax, resulting in a loss of N79.5 billion for 2023. Gross profit was N217.2 billion, representing a 39.4 percent increase from N155.8 billion in 2022.

Commenting on the results, 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 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.”

Elhusseini further said, “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 optimizing 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”.