Nestle Says Profit after Tax Negatively Impacted by Naira Devaluation

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• Revenue increases by over N100 billion, reaching N547 billion versus 2022;

• Operating profit jumps by 41.2%, reaching 122.7 billion;

February 28, 2024/Nestle Nigeria Plc

Nestlé Nigeria PLC’s sales increased by 22.4% over the previous year, with earnings of N547.1 billion, an increase of N100.2 billion over 2022. Gross profit was N217.2 billion, representing a 39.4% increase from N155.8 billion in 2022. Operating profit increased by 41.2% to N 122.7 billion, an increase of N 35.8 billion over 2022. However, the devaluation of the Naira had an adverse impact on profit after tax, resulting in a loss of -N79.5 billion for 2023.

Commenting on the results, Mr. Wassim Elhusseini, Managing Director and CEO of Nestlé Nigeria PLC, said, “I thank every member of our team for the unwavering commitment and dedication which resulted in the strong revenue growth and operating profit vs 2022 despite the challenging economic environment. The devaluation of the Nigerian Naira in 2023 which led to a revaluation of our foreign currency obligations undoubtedly impacted our financing cost and consequently the profit after tax. However, we remain optimistic of our capacity to overcome the current economic difficulties and emerge stronger.”

“Looking ahead, we remain dedicated to our purpose of unlocking the power of food through responsible local sourcing and confection of the high-quality nutritious food and beverages that families across Nigeria prefer. We also remain steadfast in optimizing our operations to ensure the availability and accessibility of affordable and nutritious products to our consumers in anticipation of a timely turnaround in the business environment.

The complete financial results can be accessed online at



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