Nestlé Nigeria has reported an impressive result to come out of the major loss reported last year.
The latest Q1, 2025 report released by the Nigerian subsidiary shows that revenue grew from N183.5 billion in the first quarter of 2024, to N294.9 billion in the first quarter of 2025.
This marks a 61% growth year-on-year, and also tells on the profits.
The financial report, contained in a Corporate Disclosure filed with the Nigerian Exchange Limited (NGX) on Wednesday, shows that operating profits grew by 254% from N20.9 billion to N74.1 billion.
This report for the first quarter of 2025 shows that the company may have recovered from the massive losses suffered due to the naira devaluation.
Compared to Q1 2024 where the company reported a loss before tax of N196.1 billion, Nestle Nigeria recorded N51.2 billion profit before loss in Q1, 2025.
Profit after tax was also impressive at N30.2 billion, reversing last year’s loss of N142.7 billion and overall, improving equity position by up to N30 billion.
This is good news for the company that is reputed to pay one of the highest taxes to the Nigerian government.
Speaking about the results, Chief Executive Officer of Nestlé Nigeria, Mr Wassim Elhusseini, described it as a reflection of the company’s strong desires and focused efforts.
He said;
Elhusseini expressed optimism and strong commitment to driving continuous innovation to meet consumer needs, and manage margin properly for enhanced profitability, News Agency of Nigeria reports.
He added that Nestle Nigeria would be increasing investments in community programmes and initiatives that deliver sustainable value to stakeholders.
Recall that Nestle’s slumping share price became a cause for worry among shareholders and Pension fund administrators that had invested in the multinational.
This was even more so because the new CEO, Laurent Freixe, a veteran who was given the responsibility of reviving the company didn’t seem to make a headway at first.
The consumer goods manufacturer was one of the worst hit when inflation forced consumers to cut down spending.
TimesNow.com.ng earlier did a financial analysis to show how ten consumer goods manufacturers lost almost N1 trillion to the naira devaluation.
PZ Cussons Nigeria Plc, Guinness Nigeria Plc, Cadbury Nigeria Plc, Nigerian Breweries Plc, and Nestle Nigeria Plc were five of the affected companies.
The others were Dangote Sugar Refinery Plc, International Breweries Plc, Dangote Cement Plc, BUA Cement Plc, and Lafarge Africa Plc.
Proofreading by Kola Muhammed, copy editor at TimesNow.com.ng.
