Nestlé Nigeria declares 22.4% sales increase, N79.5bn PAT loss .

Nestlé Nigeria PLC, has declared a N547.1 billion sales increase for the 2023 financial year, translating to a 22.4 per cent increase of N100 billion compared to the corresponding period of 2022.
The company’s Managing Director, Mr Wassim Elhusseini, made the disclosure in the Nestlé Nigeria PLC Full Year 2023 financial results on Wednesday in Lagos.
Elhusseini revealed that while the company’s operating profit jumped by 41.2 per cent, reaching 122.7 billion; its Profit After Tax (PAT) was negatively impacted by the devaluation of the Naira.
He added that while its gross profit totalled N217.2 billion, representing a 39.4 per cent increase from N155.8 billion in 2022, the devaluation of the Naira had an adverse impact on its PAT resulting in a loss of N79.5 billion for 2023.