Despite harsh economic downturn: Nestlé Nigeria announces top-line growth of 26.3% in first quarter of 2022

By allcitynews.ng

Despite the global business downturn coupled with harsh conditions of doing business in the country, Nestlé Nigeria has announced financial results for the first quarter of 2022, ending 31 March 2022.

This is part of its fresh attempt to unlock the power of food to enhance quality of life for everyone today and for generations to come, Nestle with staff strength of over 2,200 direct employees, three manufacturing sites, seven branch offices and a head office located in Lagos, the company has continue to produce and markets several iconic brands.

Thus, the largest food and beverage company in the world in its report said it recorded a revenue of N110.2 billion against N 87.3 billion during the same period in the previous year, a top-line growth of 26.3%.

Profit after tax for the period stood at N18.0 billion according to the unaudited financial statements of the Company.

The financial results were reviewed and approved by the Board of Nestlé Nigeria PLC during its meeting held on April 29, 2022.

The Managing Director and CEO of Nestlé Nigeria PLC, Mr. Wassim Elhusseini who made this known said, “On behalf of the management and staff of Nestlé Nigeria PLC, I am delighted to present this impressive performance of our company in the first quarter of 2022. I commend the efforts of the entire team at Nestlé Nigeria PLC, for continuing to thrive under the current difficult business environment.

“We know that the global economic situation and supply chain disruptions will continue to put more pressure on the already challenging business environment. However, we remain optimistic that we can continue to improve our business by empowering our people and ensuring continued supply of essential nutritious food and beverages to consumers.”

In addition Elhusseini said, “We will continue to focus on these two important areas while caring for our communities
and business partners, and all collaborators across our value chains to sustain this growth throughout the year.”