Nestle Nigeria Grows Revenue By 75.2% To N958.8bn

Nestle Nigeria Plc has posted a revenue growth of 75.2 per cent N958.8 billion for the financial year ended December 31, 2024.

The Company’s operating profit improved by 35.6 per cent to N167.9 billion, while earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 45.2 per cent.

The company’s total comprehensive loss stood at N14.6 billion as against N79.4 billion in 2023, impacted by high finance costs due to currency devaluation.

Speaking on the results, CEO/managing director of Nestle Nigeria, Wassim Elhusseini stated, “our 2024 results demonstrate the resilience of our brands and teams and underscore our strong fundamentals in a challenging business environment.

“The impressive 75.2 per cent revenue growth for the year as well as 35.6 per cent improvement of our operating profit to N167.9 billion reflect the robustness of our operating performance.”

He stated that “our net profit and equity were impacted by high finance costs associated with the revaluation of the company’s foreign currency obligations, due to an unprecedented devaluation of the naira.”

He noted that “our Q4 2024 standalone results mark a return to profitability with a net profit of N19.7 billion, against a loss of N36.4 billion in Q4 2023. Our investments of N132 billion in our operations since 2023, including N72 billion in 2024, are strategically aligned to enhance our market position and meet the consumer demand.

“We also expanded our workforce by eight per cent to support the growth across our portfolio. We extend our gratitude to our employees whose decisive actions contributed to our results. We also thank our partners for their vital contributions during these challenging times.”

In the fourth quarter of 2024, Nestle Nigeria achieved a net profit after tax of N19.7 billion compared to a loss of N36.4 billion in Q4 2023. Operating profit in the quarter increased by 77.1 per cent, rising from N32.2 billion to N56.9 billion.

This turnaround from loss to profitability underscores the strength of the company’s underlying fundamentals.

Looking ahead to 2025, Elhusseini said, “we remain optimistic that our ongoing initiatives to tackle economic challenges will yield positive results and support consumer demand.

“Our performance in Q4 2024 demonstrates that we are well-positioned to tackle the current challenges and deliver long-term value to our shareholders, guided by our dedication to operational efficiency and innovation. We will prioritize initiatives that create shared value for all stakeholders, as they contribute to our long-term sustainability while we provide nutritious foods and beverages to meet and exceed their expectations.”