Nestle Nigeria Plc has recorded a significant 43.4 percent Year-on-Year increase in revenue for the first quarter ended March 31, 2024 (Q1’24). Despite this positive growth, the company experienced a decline in gross profit to N49.1 billion from N51.6 billion in the same period of 2023.
Mr. Wassim Elhusseini, the CEO/MD of Nestlé Nigeria Plc, commented on the Q1’24 financial results, emphasizing the company’s resilience in navigating a challenging business environment. He highlighted the broad-based growth across the company’s portfolio, with sales reaching N183.5 billion, representing an increase of N55.5 billion compared to the same period in 2023. However, the further devaluation of the Naira in Jan-March 2024 negatively impacted the company’s profit after taking, leading to the net loss.
Looking ahead, Nestle Nigeria Plc remains focused on optimizing operations to ensure that high-quality food and beverages are available for its loyal consumers.
Source: Daily Trust