Nestlé Nigeria Full Year 2022 Results

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Nestlé Nigeria Plc has announced a 27.0% revenue growth in her 2022 financial results when compared to her performance in 2021. The company posted a revenue of N 446.8 billion in the year under review as against N 351.8 in the preceding year. 

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Gross profit for 2022 stood at N 155.8 billion, a 18.2% increase over 2021.  Profit after tax of N 48.9 billion was recorded for the year 2022, which represents a 22.3% increase over 2021. The detailed financial results are available online at https://www.nestlecwa.com/en/investors/nigeria      

The Board of the Company proposed an additional dividend of N 36.50k, in addition to N 25.00 per share interim dividend already paid in December 2022, bringing the total dividend per share of N 61.50k for 2022.  This proposed final dividend will be submitted for approval at the company’s Annual General Meeting on 17th May, 2023.

Results

 20222021
 N’000                            N’000
Revenue446,819,260351,822,329
Cost of Sales(291,054,270)(219,985,914)
Gross Profit155,764,990131,836,414
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 activities86,866,48371,965,945
Finance income4,777,1131,987,042
Finance costs(20,534,225)(12,077,645)
Net finance costs(15,757,112)(10,090,603)
Profit before income tax71,109,37161,875,342
Income tax expense(22,143,883)(21,838,065)
Profit for the period48,965,48840,037,277

Commenting on the results, Mr. Wassim Elhusseini, Managing Director and CEO of Nestlé Nigeria PLC, 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 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 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 wellbeing of our people, our consumers, our communities and our planet as we unlock the power of food to enhance quality of life for everyone today and for generations to come”.

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