Nestle Nigeria Plc has posted a revenue of N183.5 billion in its Q1, 2024 operations, against N127.9 billion achieved in the corresponding period in 2022.
Specifically, the company’s unaudited result for the first quarter ended March 31, 2024 showed 43.4 per cent rise in revenue to N183.5 billion while gross profit stood at N49.1 billion from N51.6 billion in the same period of 2023.
Operating profit stood at N20.9 billion. Further devaluation of the naira in January to March 2024 led to the revaluation of the company’s foreign currency obligations which had an adverse impact on the profit after tax resulting in a net loss of N142.7 billion for the quarter.
The company said it is committed to optimising its operations to ensure the availability and accessibility of high-quality food and beverages for our loyal consumers.
Reacting on the performance, the CEO/MD of Nestlé Nigeria, Wassim Elhusseini 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.
“Looking ahead into the rest of 2024, Elhusseini stated that “our focus remains on optimising our operations to ensure the availability and accessibility of high-quality food and beverages for our loyal consumers.
“We will continue to invest in efforts that help build thriving communities and deliver long-term value to our stakeholders. This includes enhancing the capabilities of our people and implementing innovative marketing initiatives to drive sustainable growth and maintain our competitive edge in the market.
“With our strong foundation and commitment to delighting our consumers, I am confident in our ability to deliver long-term value to our shareholders while creating value for our communities,” he said.
