Nestlé Nigeria Announces Q1 2022 Financial Results
Nestlé Nigeria PLC has announced its financial results for the first quarter of 2022, ending 31 March 2022. The company recorded a revenue of N 110.2 billion against N 87.3 billion during the same period in the previous year, a top-line growth of 26.3%. Profit after tax for the period stood at N 18.0 billion according to the unaudited financial statements of the Company.
The financial results were reviewed and approved by the Board of Nestlé Nigeria PLC during its meeting held on April 29, 2022.
| January
March 2022 |
January
March 2021 |
|
| N’000 | N’000 | |
| Revenue | 110,225,400 | 87,257,701 |
| Cost of Sales | -66,982,527 | -52,514,964 |
| Gross Profit | 43,242,873 | 34,742,737 |
| Marketing and
Distribution expenses |
-14,224,472 | -11,109,209 |
| Administrative
expenses |
-2,615,747 | -3,319,315 |
| Results from
operating activities |
26,402,653 | 20,314,212 |
| Finance
income |
3,457,949 | 123,340 |
| Finance costs | -2,008,614 | -1,435,121 |
| Net finance
costs |
1,449,335 | -1,311,781 |
| Profit before
income tax |
27,851,989 | 19,002,430 |
| Income tax
expense |
-9,871,920 | -6,602,429 |
| Profit for the
period |
17,980,068 | 12,400,001 |
Commenting on the results, the Managing Director and CEO of Nestlé Nigeria PLC, Mr. Wassim Elhusseini said, “On behalf of the management and staff of Nestlé Nigeria PLC, I am delighted to present this impressive performance of our company in the first quarterof 2022. I commend the efforts of the entire team at Nestlé Nigeria PLC, for continuing to thrive under the current difficult business environment.
We know that the global economic situation and supply chain disruptions will continue to put more pressure on the already challenging business environment. However, we remain optimistic that we can continue to improve our business by empowering our people and ensuring continued supply of essential nutritious food and beverages to consumers.
We will continue to focus on these two important areas while caring for our communities and business partners, and all collaborators across our value chains to sustain this growth throughout the year.”
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 forgenerations to come.
