Nestlé Nigeria – H1 2023 Financial Results

 Nestlé Nigeria – H1 2023 Financial Results 

Press release - Lagos, July 29, 2023 : Nestlé Nigeria PLC has announced a

revenue of N 261.8 billion in the first half of 2023, an 17.7% increase compared 

to its performance in the same period of 2022. Gross profit is N 107.3 billion, an

34% increase over 80,205 earned in H1 2022. The Company posted a loss after 

tax of - N 49.9billion, a 280% decline over the same period in 2022. 

The detailed financial results are available online at https://www.nestlecwa.com/en/investors/nigeria 

Results :

Jan – Jun 2023

Jan- Jun 2022

N’000

 

N’000

Revenue

261,769,509

222,450,780

Cost of Sales

(154,434,614)

(142,245,152)

Gross Profit

107,334,896

80,205,628

Marketing and Distribution 

expenses

(40,310,521)

(28,352,914)

Administrative expenses

(6,231,716)

(5,671,216)

Results from operating activities 60,792,659

46,181,498

Finance income

7,815,651

4,521,336

Finance costs

(137,725,905)

(6,962,925) 

Net finance costs

(129,910,255)

(2,441,589)

Loss before income tax

(69,117,596)

43,739,909

Income tax expense

19,136,251

(15,988,873)

Loss for the period

(49,981,345)

27,751,036

Commenting on the results, Mr. 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 devalaution 

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.“

- End -

Media Contact :

Victoria Uwadoka

Corporate Communications & Public Affairs Manager

Victoria.Uwadoka@ng.nestle.com

Corporate.Communications@ng.nestle.com

Tel : +234 805 2797392

About Nestlé Nigeria: 

Nestlé Nigeria is one of the largest food and beverage companies in Africa. For over 59 years, the company has been delighting 

consumers around Nigeria by consistently delivering high quality nutritious food. 

With a staff strength of over 2,200 direct employees, 3 manufacturing sites, 7 branch offices and a head office located in Lagos, the 

company produces and markets several iconic brands including NESTLÉ PURELIFE, GOLDEN MORN, MILO, MAGGI and NESCAFÉ.

Nestlé’s purpose is to unlock the power of food to enhance quality of life for everyone today and for generations 

Oluwatoyin Mathnuel

INSIGHT GLOBAL NEWS