Nestlé Nigeria PLC has announced its financial results for the first quarter of 2022, ending 31 March 2022. The company recorded a 26.3% growth in revenue to N 110.2 billion against N 87.3 billion during the same period in the previous year.
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
A close look at the financialsof the company for the period in review shows that revenue was up by N22.9 billion in Q1, 2022. Up from N 87.3 billion dollars on the corresponding period of 2021.
The increase in revenue was achieved with a slight increase in Cost of sales by N 14.5bn from N 52.5bn in Q1 2021 to 66.98bn in 2022.
Gross Profit on the same vein inched up M 8.5 bn in Q1 20222 to close at N 43.24bn as against N 34.74 bn recorded in the corresponding period of 2021.
While the company succeeded in bringing down administrative expenses from N 3.32 billion in202 to N 2.62bn in the period under review
The company also ensured a marginal incrrase in Marketing and Distribution expenses which moved from N 11.12 bn in 2021 to N 14.22 bn im 2022.
Consent upon the figures, the company recorded a Profit before income tax of
27,85bn compared to 19,00 bn in the preceding year, just as Profit for the period stood at 17,98 bn as against 12,400 bn in 2022.
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.”