• Monday, December 09, 2024
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Nestlé posts N49.9bn loss in H1 as finance costs spike

Nestlé commits to empowering next generation of Nigerian leaders

Nestlé Nigeria Plc reported revenue of N261.8 billion in the first half (H1) of 2023, 17.7percent increase compared to its performance in the same period of 2022.

Gross profit stood at N107.3 billion, 34percent increase over N80.205billion earned in H1 2022.

The Company posted a loss after tax of N49.9billion, a 280percent decline over the same period in 2022. The company’s loss before income tax stood in H1’23 stood at N69.117billion as against N43.739billion profit before tax (PBT) in H1’22. Nestle finance costs rose to N137.725billion in H1’23 as against just N6.962billion in H1’22.

Read also: Nigerian Breweries reports N67.8bn loss before tax in H1

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 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 devaluation 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,” Elhusseini said.

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).

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