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By Chinwendu Obienyi
Africa’s largest food and beverage company, Nestlé Nigeria Plc, has announced that its revenue grew by 26.3 per cent from N87.3 billion in 2021 to N110.2 billion.
According to its financial results for the first quarter (Q1) of 2022, which ended
on March 31, 2022, the company’s gross profit grew to N43.24 billion as against N34.7 billion recorded in Q1 2021, while its net finance income grew to N1.45 billion as against N1.31 billion in 2021.
The increase was due to a whopping increase in its finance income (Q1-22: N3.82 billion | Q1-21: N123.34 million).
The company’s pre-tax profit grew by 46.6 per cent year-on-year (y/y) to N27.85 billion in Q1 2022. However, a higher effective tax of 35.4 per cent in Q1 2022 compared to 34.7 per cent in Q1 2021 led to slower growth in profit after tax (PAT) to N17.98 billion (+45.0 per cent y/y).
Commenting on the results, its Managing Director/CEO, Wassim Elhusseini, expressed delight at the impressive performance in the quarter under review.
While commending the efforts of the entire team at Nestlé Nigeria Plc for continuing to thrive under the current difficult business environment, Elhusseini noted that the global economic situation and supply chain disruptions would continue to put more pressure on the already challenging business environment.
