Nestle Nigeria Grows Revenue by 43% to N183.5BN in Q1’24

Nestle Nigeria Plc has posted a 43.4% Year-on-Year (YoY) increase in its revenue for the first quarter ended March 31, 2024 (Q1’24).

Specifically, the company grew its revenue to N183.5 billion in Q1’24 from N128 billion in the corresponding period in 2023, Q1’23.

Highlights of the company’s Q1’24 financial statement filed at the Nigerian Exchange Limited (NGX) shows that the gross profit fell to N49.1 billion from N51.6 billion in the same period of 2023, while further devaluation of the Naira in the first three months of the year resulted in N142.7 billion net loss within the period.

Commenting on the results, Mr. Wassim Elhusseini, the CEO/MD of Nestlé Nigeria Plc said, “Our first quarter sales reflect a positive growth momentum despite a challenging business environment. The broad-based growth across our portfolio is a testimony to the resilience, adaptability, and commitment that are embedded in our business.

“Our sales grew by 43.4% in Q1 2024, with earnings of N183.5 billion, an increase of N55.5 billion over January to March 2023 quarter.

“However, further devaluation of the Naira in Jan-March 2024 led to the revaluation of our foreign currency obligations which had an adverse impact on the profit after talking, resulting in a net loss of N142.7 billion for the quarter.”

“Looking ahead into the rest of 2024, our focus remains on optimizing our operations to ensure the availability and accessibility of high-quality food and beverages for our loyal consumers”.