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MR. WASSIM ELHUSSEINI, Managing Director and CEO of Nestlé Nigeria Plc

Nestlé Nigeria Announces Q1 2022 Financial Results

LAGOS – Nestlé Nigeria Plc has announced a revenue of N 110.2 billion profit after tax in its financial results for the first quarter, ending 31 March 2022.

        According to the unaudited financial statements of the Company the profits were against N 87.3 billion during the same period in the previous year, a top-line growth of 26.3%.

          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:

*Revenue – 110,225,400

*Cost of Sales – 66,982,527

*Gross Profit – 43,242,873

*Marketing and Distribution expenses – 14,224,472

*Administrative expenses – 2,615,747

*Results from operating activities – 26,402,653

*Finance income – 3,457,949

*Finance costs – 2,008,614

*Net finance costs – 1,449,335

*Profit before income tax – 27,851,989

*Income tax expense – 9,871,920

*Profit for the period – 17,980,068

*Profit for the period – 17,980,068

*Profit for the period – 17,980,068

January March 2021

*Revenue – 87,257,701

*Cost of Sales – 52,514,964

*Gross Profit  – 34,742,737

*Marketing and Distribution expenses – 11,109,209

*Administrative expenses – 3,319,315

*Results from operating activities – 20,314,212

*Finance income – 123,340

*Finance costs – 1,435,121

*Net finance costs – 1,311,781

*Profit before income tax – 19,002,430

*Income tax expense – 6,602,429

*Profit for the period – 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.

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