7 hours ago
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Nestlé Nigeria Plc has reported a loss before tax (LBT) of N221.589 billion for the financial year ended December 31, 2024, representing a 113% year-on-year (YoY) increase from 2023.
The company attributed the loss to rising finance costs, largely driven by the devaluation of the Naira.
Despite the loss, the company recorded revenue growth of 75.2% to 958.8 billion Naira while operating Profit increased by 35.6% to N167.9 billion from N123.8 billion.
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These results, according to a communication to the Nigerian Exchange “Indicate a robust operational performance in a challenging market.”
Commenting on the results, CEO/Managing Director of Nestlé Nigeria PLC, stated, “Our 2024 results demonstrate the resilience of our brands and teams and underscore our strong fundamentals in a challenging business environment.
“The impressive 75.2% revenue growth for the year as well as 35.6% improvement of our operating profit to N167.9 billion reflect the robustness of our operating performance. Our net profit and equity were impacted by high finance costs associated with the revaluation of the company’s foreign currency obligations, due to an unprecedented devaluation of the Naira.”
“I am very pleased to state that our Q4 2024 standalone results mark a return to profitability with a net profit of N19.7 billion, against a loss of N36.4 billion in Q4 2023.
Our investments of N132 billion in our operations since 2023, including N72 billion in 2024, are strategically aligned to enhance our market position and meet the consumer demand. We also expanded our workforce by 8% to support the growth across our portfolio. We extend our gratitude to our employees whose decisive actions contributed to our results.
We also thank our partners for their vital contributions during these challenging times.”
English (US) ·