Net finance costs

(129,910,255)

(2,441,589)

Loss before income tax

(69,117,596)

43,739,909

Income tax expense

19,136,251

(15,988,873)

Loss for the period

(49,981,345)

27,751,036

Commenting on the results, Mr. Wassim Elhusseini, Managing Director and CEO

of Nestlé Nigeria PLC, said, “I thank every member of our team for the unwavering commitment and dedication which resulted in the significant increase in revenue

and gross profit over H1 2022 despite the challenging business environment.

Our profit after tax was, however, negatively impacted by the recent devalaution of the Naira, which necessitated the revaluation of our foreign currency obligations.

Going into the second half of the year, we will continue to focus on optimising our operations to ensure the availability and accessibility of the nutritious food and beverages our loyal customers expect from us.“