Nestlé Nigeria’s Annual Earnings Increased by 22.3%.

One of the biggest food and beverage corporations in Africa, Nestlé Nigeria Plc has reported a 27 percent increase in revenue in comparison to its performance in 2021 when revenues were N351.8 billion. The corporation reported revenues of N446.8 billion in the year under review.
The gross profit for 2022 was N155.8 billion, a growth of 18.2% over 2021. For the year 2022, a profit after tax (PAT) of N48.9 billion was recorded, an increase of 22.3 percent over the previous year 2021.

The Board of the Corporation in addition to the N25 per share interim dividend already paid in December 2022,has announced an additional dividend of N36.50kobo, bringing the total payout per share for 2022 to N61.50kobo. The company’s annual general meeting will take place on May 17, 2023, where this proposed final dividend will be presented for approval.
whilst commenting on the financial resuls, the managing director and chief executive officer of Nestlé Nigeria Plc, , Wassim Elhusseini made the following remarks about the outcomes: “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 incredibly proud of the team’s perseverance in achieving so much in the face of the current difficult business environment, which has allowed us to uphold our commitment to provide value to our consumers, shareholders, and the communities in which we operate. This is evidence that our company is geared toward success and that, by cooperating, we can succeed even in the most trying circumstances”.

“In 2023, we’ll keep working to make sure that the people and families who rely on us to feed their family every day have access to affordable nutrition. With the general elections and the ensuing tense political climate, as well as the disruptions in economic activity, we are aware that this year will be difficult with the alteration of various Naira denominations.

We must be agile and resilient in our operations because of the rising cost of doing business, particularly the high cost of inputs.
“As we unleash the potential of food to improve the quality of life for everyone today and for generations to come, the wellness of our people, our consumers, our communities, and our planet will remain our top focus.”