Nestle grows sales by 43%, earns N183.5bn in Q1

Nestlé Nigeria PLC’s sales grew by 43.4% in Q1 2024, with earnings of N183.5 billion, an increase of N55.5 billion over Jan-March 2023 quarter.

In its first quarter report released yesterday, gross profit was N49.1 billion vs. N51.6 billion in the same period of 2023 while operating profit stood at N20.9 billion.

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 Tax resulting in a net loss of -N142.7 billion for the quarter.

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Commenting on the results, CEO/MD of Nestlé Nigeria PLC, Mr 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.”