Nestlé Nigeria full year 2022 results



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.

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

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 :
2022 2021

Revenue 446,819,260 351,822,329
Cost of Sales (291,054,270) (219,985,914)

Gross Profit 155,764,990 131,836,414
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 activities 86,866,483 71,965,945
Finance income 4,777,113 1,987,042
Finance costs (20,534,225) (12,077,645)
Net finance costs (15,757,112) (10,090,603)
Profit before income tax 71,109,371 61,875,342 Income tax expense (22,143,883) (21,838,065)
Profit for the period 48,965,488 40,037,277
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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