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 thepreceding 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

N’000

N’000

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”.