Nestle Nigeria Plc has Stand Resilient Amidst Naira Devaluation
Nestle Nigeria Plc has demonstrated remarkable resilience and growth with a staggering 43.4% Year-on-Year (YoY) increase in revenue for the first quarter ended March 31, 2024 (Q1’24).
The company’s financial report, filed at the Nigerian Exchange Limited (NGX), revealed a significant surge in revenue, soaring to N183.5 billion in Q1’24 from N128 billion recorded in the corresponding period in 2023 (Q1’23).
While the revenue surge showcased Nestle Nigeria’s robust performance, the gross profit witnessed a slight decline, dropping to N49.1 billion from N51.6 billion in Q1’23. Moreover, the persistent devaluation of the Naira throughout the first three months of the year contributed to a net loss of N142.7 billion within the period.
Commenting on the financial results, Mr. Wassim Elhusseini, the CEO/MD of Nestlé Nigeria Plc, expressed satisfaction with the company’s performance despite the challenging business environment. He highlighted the positive growth momentum reflected in the broad-based expansion across the company’s portfolio.
Elhusseini emphasized that Nestle Nigeria’s sales growth of 43.4% in Q1’24, reaching N183.5 billion, represented an impressive increase of N55.5 billion compared to the same quarter in 2023. However, he acknowledged the adverse impact of the Naira devaluation on the company’s profit after tax, resulting in the reported net loss.
Looking ahead to the remainder of 2024, Elhusseini affirmed the company’s commitment to optimizing operations to ensure the availability and accessibility of high-quality food and beverages for its loyal consumers.
Despite economic challenges and currency fluctuations, Nestle Nigeria’s robust revenue growth in Q1’24 underscores its resilience and strategic adaptability in navigating the dynamic business landscape.
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