Nestle Nigeria Plc has posted a 43.4 percent Year-on-Year (YoY) increase in its revenue for the first quarter ended March 31, 2024 (Q1’24).
Commenting on the results, Mr. Wassim Elhusseini, the CEO/MD of Nestlé Nigeria Plc said, “Our first quarter sales reflect a positive growth momentum despite a challenging business environment. The broad-based growth across our portfolio is a testimony to the resilience, adaptability, and commitment that are embedded in our business.
“Our sales grew by 43.4% in Q1 2024, with earnings of N183.5 billion, an increase of N55.5 billion over January to March 2023 quarter.
“However, further devaluation of the Naira in Jan-March 2024 led to the revaluation of our foreign currency obligations which had an adverse impact on the profit after talking, resulting in a net loss of N142.7 billion for the quarter.”
“Looking ahead into the rest of 2024, our focus remains on optimizing our operations to ensure the availability and accessibility of high-quality food and beverages for our loyal consumers”.
