Nestle Nigeria Plc saw a 43.4% increase in sales during Q1 2024, generating earnings of N183.5 billion, marking a significant rise of N55.5 billion compared to the same period in 2023.
In the first quarter report released yesterday, the company reported a gross profit of N49.1 billion, slightly lower than the N51.6 billion recorded in 2023, while operating profit stood at N20.9 billion.
The further devaluation of the naira in January-March 2024 led to the revaluation of foreign currency obligations, adversely impacting the Profit after Tax, leading to a net loss of -N142.7 billion for the quarter.
In response to the results, Mr. Wassim Elhusseini, CEO/MD of Nestlé Nigeria PLC, commented, “Our first quarter sales demonstrate positive growth momentum despite operating in a challenging business environment. The widespread growth across our portfolio reflects the resilience, adaptability, and commitment ingrained in our business.”
