Nestlé Nigeria Announces Q1 2022 Financial Results

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.”

April 29, 2022