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Nestlé records N79.5b PAT loss on Nigeria naira devaluation

Nestlé Nigeria PLC, announced its Full Year 2023 financial results yesterday, revealing that while its operating profit jumped by 41.2 per cent, reaching 122.7 billion; its Profit After Tax (PAT) was negatively impacted by the devaluation of the Naira.

The company’s Managing Director, Wassim Elhusseini, made the disclosure yesterday in Lagos.

He said though its gross profit totaled N217.2 billion, representing a 39.4 per cent increase from N155.8 billion in 2022, the devaluation of the Naira, however, had an adverse impact on its PAT resulting in a loss of N79.5 billion for the year under review.

Elhusseini said for the 2023 fiscal year, a N547.1 billion sales increase was recorded, translating to a 22.4 per cent increase of N100 billion compared to the corresponding period of 2022.

He thanked every team member for their unwavering commitment and dedication which resulted in the strong revenue growth and operating profit of 2022 in spite of the challenging economic environment.

“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,” Elhusseini said.

The MD reaffirmed the food and beverage company's commitment to achieving its mission of empowering families throughout Nigeria by supplying high-quality, nutrient-dense food and beverages that are sourced responsibly locally.

He added: “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.”