Nestlé Nigeria Plc, a leading food and beverage company in Nigeria, has announced a 27.0% revenue growth in its 2022 financial results compared to its performance in 2021.
The company posted a revenue of N 446.8 billion in the year under review as against N 351.8 billion in the preceding year.
Gross profit for 2022 stood at N 155.8 billion, an 18.2% increase over 2021, while profit after tax of N 48.9 billion was recorded for the year 2022, representing a 22.3% increase over 2021.
The Managing Director and CEO of Nestlé Nigeria PLC, Mr. Wassim Elhusseini, expressed his appreciation for the team’s unwavering commitment, dedication, and ingenuity, which drove the excellent results achieved in 2022.
He said, “I congratulate and thank everyone, especially our staff and managers, whose unwavering commitment, dedication, and ingenuity drove the excellent results achieved in 2022. I am extremely proud of the team’s ability to continue to achieve so much even under the current challenging business environment, enabling us to keep our commitment to deliver value for our shareholders, our consumers and the communities in which we operate. This is proof that success is built into the DNA of our organization and that working together, we can thrive and even excel in the most trying environments.”
In addition to the N 25.00 per share interim dividend already paid in December 2022, the Board of the Company has proposed an additional dividend of N 36.50k, bringing the total dividend per share of N 61.50k for 2022.
The proposed final dividend will be submitted for approval at the company’s Annual General Meeting on May 17, 2023.
The company’s detailed financial results are available online at https://www.nestle-cwa.com/en/investors/nigeria.
Nestlé Nigeria’s revenue growth in 2022 was attributed to the company’s unwavering commitment to providing quality nutrition to individuals and families who depend on them to nourish their families daily.
Speaking about the company’s plans for 2023, Mr. Elhusseini said, “In 2023, we will continue to work to ensure the availability of affordable nutrition for the individuals and families who depend on us to nourish their families daily. We know that it will be a challenging year, with the general elections and the associated charged political environment as well as the disruptions in economic activities experienced with the change of some denominations of the Naira. We are also faced with the increasing cost of doing business – especially the high cost of inputs – and therefore, remain flexible and resilient in our operations. Our priority will remain the well-being of our people, our consumers, our communities, and our planet as we unlock the power of food to enhance the quality of life for everyone today and for generations to come.”
| Results | 2022 | 2021 |
|---|---|---|
| N’000 | N’000 | |
| Revenue | 446,819,260 | 351,822,329 |
| Cost of Sales | (291,054,270) | (219,985,914) |
| Gross Profit | 155,764,990 | 131,836,414 |
| Marketing and Distribution expenses | (57,331,351) | (48,097,581) |
| Administrative expenses | (11,538,113) | (11,494,450) |
| Impairment of financial assets | (29,043) | (278,438) |
| Results from operating activities | 86,866,483 | 71,965,945 |
| Finance income | 4,777,113 | 1,987,042 |
| Finance costs | (20,534,225) | (12,077,645) |
| Net finance costs | (15,757,112) | (10,090,603) |
| Profit before income tax | 71,109,371 | 61,875,342 |
| Income tax expense | (22,143,883) | (21,838,065) |
| Profit for the period | 48,965,488 | 40,037,277 |
