March 26, 2023

Nestlé announces 2.7.0% revenue for 2022 financial year.

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 N446.8billion in the year under review as against N351.8in the preceding year

Gross profit for 2022stood at N 155.8billion, a 18.2% increase over 2021. Profit after tax of N48.9billion was recorded for the year2022, 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 N25.00per share interim dividend already paid in December2022,
bringing the totaldividend per share of N 61.50kfor2022. This proposed final
dividend will be submitted for approval at the company’s Annual General Meeting

on 17thMay, 2023.

Results :





Cost of Sales(291,054,270)(219,985,914)

Gross Profit155,764,990131,836,414

Marketing and Distribution



Administrative expenses(11,538,113)(11,494,450)

Impairment of financial assets(29,043)(278,438)

Results from operating activities86,866,48371,965,945

Finance income4,777,1131,987,042

Finance costs(20,534,225)(12,077,645)

Net finance costs(15,757,112)(10,090,603)

Profit before income tax71,109,37161,875,342

Income tax expense(22,143,883)(21,838,065)

Profit for the period48,965,48840,037,277

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 achievedin 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 proofthat 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,wewill 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”.

About Nestlé Nigeria:

Nestlé Nigeriais one of the argest food and beverage companies in Africa. For over 59years, the company has been delighting consumers around Nigeria by consistently delivering high quality nutritious food.

With a staff strength of over 2,200 direct employees, 3 manufacturing sites, 7 branch offices and a head office located in Lagos, thecompany produces and markets several iconic brands including NESTLÉ


Nestlé’s purpose is to unlock the power of food to enhance quality of life for everyone today and for generations to come.

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