Nestlé Nigeria Grows Profit After Tax to N48.97b in 2022

Nestlé Nigeria Grows Profit After Tax to N48.97b in 2022

Nestlé Nigeria Plc has announced a 27.0% revenue growth in its 2022 financial
results compared to performance in 2021.

The company which is known for manufacturing, marketing and distribution of food and nutritional products including purified water throughout the country posted a revenue of N446.8billion in the year under review as against N351.8in the preceding year.

Gross profit for 2022 stood at N 155.8billion, a 18.2% increase over 2021. Profit after tax of N48.9billion 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 N25.00per share interim dividend already paid in December2022, bringing the total dividend per share of N 61.50kfor2022.

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This proposed final dividend will be submitted for approval at the company’s Annual General Meeting on 17thMay, 2023.

Results:

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 liife for everyone today and for generations to come”.