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Nestlé Nigeria posts N104bn loss for 2023

Consumer goods company, Nestlé Nigeria Plc, has recorded a N104.03bn loss before tax in 2023 on the depreciation of the naira.

According to the audited financial statement for 2023 of the firm which was filed with the Nigerian Exchange Limited on Wednesday, it indicated a 277 per cent dip compared to N71.11bn pretax profit it posted in 2022.

The report showed that revenue rose by over N100bn to N547bn from N446.82bn in the prior year.

Operating profit rose by 41.2 per cent to N123.79bn, but the firm’s pretax and post-tax profits were negatively impacted by the devaluation of the naira.

The Central Bank of Nigeria harmonised segments of the foreign exchange market in June 2023, which led to the weakening of the local currency.

The naira has yet to recover despite concerted efforts by the apex bank to stabilise it.

Commenting on the results, Chief Executive Officer of Nestlé Nigeria, Mr. Wassim Elhusseini, said, “I thank every member of our team for the unwavering commitment and dedication, which resulted in the strong revenue growth and operating profit versus 2022 despite the challenging economic environment.

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“The devaluation of the Nigerian naira in 2023, which led to a revaluation of our foreign currency obligations, undoubtedly impacted our financing cost and consequently the profit after tax. However, we remain optimistic of our capacity to overcome the current economic difficulties and emerge stronger.”

He reiterated the firm’s dedication to its purpose of unlocking the power of food through responsible local sourcing and confection of the high-quality nutritious food and beverages that families across Nigeria prefer.

“We also remain steadfast in optimising our operations to ensure the availability and accessibility of affordable and nutritious products to our consumers in anticipation of a timely turnaround in the business environment,” he added.

The company also reported a foreign exchange loss of N195bn.

It did not declare dividend for the 2023 financial year.

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Bridget Benson, with Agency reports
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