Nestle Nigeria Plc posted a pre-tax loss of N255.38 billion in the first nine months of 2024, a dramatic increase of N198.73 billion from the previous year. This surge is attributed to a significant rise in finance costs, which climbed 147% to N366.22 billion.
Key Financial Highlights:
- Revenue: N665.28 billion (+68%)
- Cost of Sales: N458.97 billion (+94%)
- Gross Profit: N206.31 billion (+29%)
- Operating Profit: N110.84 billion (+21%)
- Loss After Tax: N184.27 billion (+328%)
Q3 Performance
In Q3 2024, revenue grew from N134.82 billion to N258.31 billion, but high costs resulted in an after-tax loss of N7.35 billion, compared to a profit of N6.91 billion in Q3 2023. The cost of sales nearly doubled, and net finance costs surged over 160%.
This loss largely stemmed from foreign currency translations, which caused a loss of N285.29 billion, up from N127.45 billion last year. Nestle’s raw material costs also more than doubled, reflecting broader economic pressures.
Stay tuned for updates and market insights.
