Despite adverse economic headwinds in 2023 and the preceding financial years, Nestlé Nigeria Plc has been innovative in bracing all the challenges.
This resilient performance has reflected in the company’s revenue profile which has been in the upward trajectory for years together.
For instance; Nestlé Nigeria Plc reported revenue for the first half (H1) of 2023, stood at N261.8billion, which is 17.7percent higher when compared to the revenue of N222.5billion generated in the same period of 2022.
Nestlé Nigeria’s gross profit also rose by 3400 basis points to N107.3 billion as against the N80.205billion recorded in H1 of 2022.
The H1 2023 financial results submitted to the Nigerian Exchange Limited, however, indicated a loss after tax of N 49.9 billion which is a 280 percent decline over the same period in 2022.
The company’s finance costs also went north to N137.725billion in the period under review as against just N6.962billion in H1’22.
The loss was, nevertheless, attributed to revaluation of the company’s foreign currency obligations owing to the devaluation of the local currency (naira).
Wassim Elhusseini, Managing Director and CEO of Nestlé Nigeria Plc, explained, “Our profit after tax was, however, negatively impacted by the recent devaluation of the Naira, which necessitated the revaluation of our foreign currency obligations.
“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.
“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,” Elhusseini said.
Elhusseini’s promise has been actualized with the recent birth of another innovative nutritional product, Nestlé Nido Milk & Soya Instant Powder Mix.
According to Nestlé, the innovative product combines the double goodness of milk and soya, fortified with iron to provide consumers with an affordable, delicious and nutritious creamy milk and plant-based complement for beverages and cereals.
Analysts believe that with such innovative moves Nestlé Nigeria Plc will continue to deliver valuable dividends to it’s stakeholders nationwide despite economic adversities.
Nestlé Nigeria Plc is a food manufacturing firm and a subsidiary of the largest food and beverage company in the world, that produces an extensive range of products for the retail and wholesale sectors.
No comments:
Post a Comment