Nestlé Nigeria Plc has posted a loss before income tax of N104 billion for the year 2023 compared to a profit before income tax of N71 billion for 2022.
In a 2023 financial statement of the company published on the Nigerian Exchange Group website on February 28, 2024, the company identified “devaluation of the naira”, “significant forex volatility and cost inflation” as major concerns for its financial state for the year ended.
NAN quoted the company’s Managing Director, Mr Wassim Elhusseini in the Nestlé Nigeria PLC Full Year 2023 financial results on Wednesday in Lagos.
Elhusseini revealed that while the company’s operating profit jumped by 41.2 per cent, reaching 122.7 billion; its Profit After Tax (PAT) was negatively impacted by the devaluation of the Naira.
He added that while its gross profit totalled N217.2 billion, representing a 39.4 per cent increase from N155.8 billion in 2022, the devaluation of the Naira had an adverse impact on its PAT resulting in a loss of N79.5 billion for 2023.
