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Nestlé Nigeria grows Q1 profit by 45.2% to N18bn

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Nestle Nigeria

Nestlé Nigeria Plc has announced its financial results for the first quarter (Q1) of 2022, ending March 31, 2022.

The company recorded revenue of N110.2billion against N87.3 billion during the same period in the previous year, a top-line growth of 26.3percent.

Gross profit of N43.242billion in Q1’2022 as against N34.742billion represents an increase by 24.5percent.

Nestlé Nigeria is one of the largest food and beverage companies in Africa. The N1,440 per share which Nestlé Nigeria closed in the four months to April 29 represents year-to-date (YtD) decline by 7.5percent.

The financial results which were reviewed and approved by the Board of Nestlé Nigeria Plc during its meeting held on April 29, 2022 show that profit after tax (PAT) for the Q1 period stood at N18 billion according to the unaudited financial statements of the Company, as against N12.4billion recorded in Q1’ 2021, up by 45.2percent.

Read also: Why economy remains key to unlocking Nigerian capital markets — experts

Profit before income tax (PBT) rose to N27.851billion from N19.002billion, up by 46.6percent.

Commenting on the results, the Managing Director and CEO of Nestlé Nigeria PLC, Wassim Elhusseini said, “On behalf of the management and staff of Nestlé Nigeria Plc, I am delighted to present this impressive performance of our company in the first quarter of 2022. I commend the efforts of the entire team at Nestlé Nigeria Plc, for continuing to thrive under the current difficult business environment. We know that the global economic situation and supply chain disruptions will continue to put more pressure on the already challenging business environment. However, we remain optimistic that we can continue to improve our business by empowering our people and ensuring continued supply of essential nutritious food and beverages to consumers. We will continue to focus on these two important areas while caring for our communities and business partners, and all collaborators across our value chains to sustain this growth throughout the year.”