Nigeria’s food and FMCG giant, Nestle Nigeria Plc has released its unaudited financial statement for the quarter ending March 31, 2023. The company recorded a revenue of N128 billion, a 16% year-on-year increase from the N110.2 billion revenue generated in Q1 2022.
The company recorded a gross profit of N51.65 billion, a 19.4% YoY increase from the N43.2 billion recorded in Q1 2022. Within the quarter under review, the company recorded an operating expense of N23 billion, a 36.6% increase from the N16.8 billion recorded in operating expenses in Q1 2022.
Nestle Nigeria recorded a profit before tax of N24.9 billion in the quarter under review, an 11% decrease YoY from the N27.8 billion recorded in Q1 2022. There was a 10% decline in the company’s Profit After Tax (PAT) to N16.2 billion in Q1 2023 compared to the N17.98 billion reported in Q1 2022.
Review of the Financial Performance
The company’s food segment which covers the production and sale of Maggi, Cerelac, Nan, Lactogen and Golden Morn was the main source of the company’s revenue, with N81.2 billion reported in revenue. While the company recorded N46.8 billion in revenue from the beverage segment (Milo, Chocomilo, Nescafe, Milo ready-to-drink (RTD) and Nestlé Pure Life) during the period under review.
The company’s primary revenue source was Nigeria, as it reported N127.7 billion in revenue from the country, while exports brought in only N256.6 million in revenue. Nonetheless, during the corresponding quarter of 2022, the company generated N108.2 billion in revenue from Nigeria and N2 billion in revenue from exports.
The company’s tax expenses for the quarter dropped by 13.5% YoY from N9.9 billion in Q1 2022 to N8.7 billion.
About Nestle Nigeria
Nestle Nigeria is the second largest food company traded on the Nigerian Stock Exchange (NGX) after BUA Foods Plc. Societe Des Produits Nestle S.A, the parent company is the majority shareholder in the company with a 66.18% stake. More than 30,000 shareholders own just 29.22% stake in the company.
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