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Nestlé Nigeria – H1 2023 Financial Results


Press release – Lagos, July 29, 2023 : Nestlé Nigeria PLC has announced a
revenue of N 261.8 billion in the first half of 2023, an 17.7% increase compared
to its performance in the same period of 2022. Gross profit is N 107.3 billion, an
34% increase over 80,205 earned in H1 2022. The Company posted a loss after
tax of – N 49.9billion, a 280% decline over the same period in 2022.

The detailed financial results are available online at


Commenting on the results, Mr. Wassim Elhusseini, Managing Director and CEO
of Nestlé Nigeria PLC, said, “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.

Our profit after tax was, however, negatively impacted by the recent devalaution
of the Naira, which necessitated the revaluation of our foreign currency

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.“
– End –

First Bank

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