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Due to the devaluation of the Nigerian currency, Consumer goods company, Nestlé Nigeria Plc, has reported a loss after tax of N79.5 billion for the year ended 2023, compared to a profit after tax of N 48.9 billion reported in 2022.

According to the 2023 full-year financial results submitted to the Nigerian Exchange Limited (NGX) on Wednesday, Nestle’s revenue increased by N100 billion to N547.1 billion as against the N446.8 record in 2022.

The company reported a foreign exchange loss of N195 billion, which was the major reason for the overall loss reported by the company, leading to negative shareholder funds.

Commenting on the results, Chief Executive Office of Nestlé Nigeria, Mr Wassim Elhusseini, said, “I thank every member of our team for the unwavering commitment and dedication, which resulted in the strong revenue growth and operating profit vs 2022 despite the challenging economic environment.

“The devaluation of the Nigerian naira in 2023, which led to a revaluation of our foreign currency obligations, undoubtedly impacted our financing cost and consequently the profit after tax. However, we remain optimistic of our capacity to overcome the current economic difficulties and emerge stronger.”

He reiterated the firm’s dedication to its purpose of unlocking the power of food through responsible local sourcing and confection of the high-quality nutritious food and beverages that families across Nigeria prefer.

“We also remain steadfast in optimising our operations to ensure the availability and accessibility of affordable and nutritious products to our consumers in anticipation of a timely turnaround in the business environment,” he added.

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