Nestle Nigeria records 26.3% revenue growth in Q1

Nestle Nigeria PLC has announced a revenue of N110.2 billion in the first quarter against N87.3 billion during the same period in the previous year, translating to a growth of 26.3 per cent.

The company stated this on Friday in its financial results for the first quarter ending March 31.

The report, signed by Mrs Victoria Uwadoka, Corporate Communications and Public Affairs Manager, Nestle Nigeria Plc, stated that the company’s profit after tax for the period stood at N18 billion.

The Managing Director and CEO of Nestlé Nigeria PLC, Mr Wassim Elhusseini, expressed delight at the company’s performance in the first quarter.

He said the company understood that global economic situation and supply chain disruptions would continue to put more pressure on the already challenging business environment.

Elhusseini, however, stated that Nestle Nigeria PLC remained optimistic about its continued efforts at improving the business by empowering people and ensuring continued supply of essential nutritious food and beverages to consumers.

“I commend the efforts of the entire team at Nestlé Nigeria PLC, for continuing to thrive under the current difficult business environment.

“We will continue to focus on these two above mentioned important areas while caring for our communities and business partners, and all collaborators across our value chains to sustain this growth throughout the year,” he said.