Nestlé Nigeria PLC witnessed a notable surge in sales by 22.4 percent, totaling N547.1 billion, yet reported a significant Profit After Tax (PAT) loss of N79.5 billion for the 2023 financial year.
This unexpected turn was attributed to the depreciation of the naira, as outlined by the company’s Managing Director, Mr. Wassim Elhusseini, during the presentation of Nestlé Nigeria PLC’s Full Year 2023 financial results in Lagos on Wednesday.
Elhusseini highlighted that although the company achieved a remarkable 41.2 percent increase in operating profit, reaching N122.7 billion, the devaluation of the naira negatively impacted its PAT. Despite recording a gross profit of N217.2 billion, a notable rise of 39.4 percent from the previous year, the devaluation led to a significant loss in PAT for 2023.
Expressing gratitude to the team for their unwavering dedication amidst challenging economic conditions, Elhusseini remained hopeful about overcoming the prevailing economic challenges. He reiterated the company’s commitment to its core purpose of providing high-quality nutritious food and beverages to families across Nigeria through responsible local sourcing.
Nestlé Nigeria, renowned for its excellence and commitment to creating shared value, received accolades for its Corporate Social Responsibility (CSR) initiatives in 2023. Awards such as the Sustainability, Enterprise, and Responsibility (SERAS) CSR 2023 Awards further underscored its significant contributions to society, including recognition for Best Company in Rural Population Integration and Food Security, among others.
