Nestle Nigeria announces N17.98bn profit in Q1 2022

Nestlé Nigeria has announced its financial results for the first quarter of 2022, ending March 31, with profit after tax for of N17.98 billion from N12.4 billion reported in the first quarter of 2021.

The company, according to its unaudited financial statement posted on the Nigeran Exchange Limited (NGX), grew its revenue by 26.3 per cent to N110.2 billion against N 87.3 billion during the same period in the previous year.

Commenting on the results through a statement, Managing Director and CEO, Nestlé Nigeria, Mr. Wassim Elhusseini said: “On behalf of the management and staff of Nestlé Nigeria, 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.”