Nestlé Nigeria PLC has announced its financial results for the first quarter of 2022, ending
31 March 2022. The company recorded a revenue of N 110.2 billion against N 87.3 billion
during the same period in the previous year, a top-line growth of 26.3%. Profit after tax
for the period stood at N 18.0 billion according to the unaudited financial statements of
the Company.
The financial results were reviewed and approved by the Board of Nestlé Nigeria PLC
during its meeting held on April 29, 2022.
January March 2022 January March 2021
N’000
N’000
Revenue 110,225,400 87,257,701
Cost of Sales -66,982,527 -52,514,964
Gross Profit 43,242,873 34,742,737
Marketing and Distribution expenses -14,224,472 -11,109,209
Administrative expenses -2,615,747 -3,319,315
Results from operating activities 26,402,653 20,314,212
Finance income 3,457,949 123,340
Finance costs -2,008,614 -1,435,121
Net finance costs 1,449,335 -1,311,781
Profit before income tax 27,851,989 19,002,430
Income tax expense -9,871,920 -6,602,429
Profit for the period 17,980,068 12,400,001
Commenting on the results, the Managing Director and CEO of Nestlé Nigeria PLC, Mr.
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”
