Nestlé Nigeria Announces Q1 2021 Financial Results

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Nestlé Nigeria PLC has announced its financial results for the first quarter of 2021, ending 31 March 2021. The company recorded revenue of N 87.3 billion against N 70.3 billion during the same period in the previous year, a top-line growth of 24.1%. Profit after tax stood at N 12.4 billion according to the unaudited financial statements of the Company.

The financial results were reviewed and approved by the Board of Nestlé Nigeria PLC during its meeting held on 29th April 2021.

 

January March 2021

January March 2020

 

                                  N’000

                                  N’000

Revenue

87,257,701

70,329,350

Cost of Sales

-52,514,964

-38,671,684

Gross Profit

34,742,737

31,657,666

Marketing and Distribution expenses

-11,109,209

-11,042,047

Administrative expenses

-3,319,315

-3,078,061

Results from operating activities

20,314,212

17,537,558

Finance income

123,340

335,242

Finance costs

-1,435,121

-417,928

Net finance costs

-1,311,781

-82,686

Profit before income tax

19,002,430

17,454,873

Income tax expense

-6,602,429

-6,259,478

Profit for the period

12,400,001

11,195,394

Commenting on the results, The Managing Director and CEO of Nestlé Nigeria PLC, Mr. Wassim Elhusseini said, “I am inspired by the way our team has performed under difficult circumstances. With three more quarters still ahead of us, we will continue to drive sustainable growth despite the challenges of the COVID-19 pandemic.”

“With the roll-out of COVID-19 vaccination in progress, we are optimistic that the business environment will continue to improve. Our priorities will remain keeping our people safe, assuring continued supply of essential nutritious food and beverages to consumers and caring for our communities and business partners.”