Food and beverage companies Nestlé Nigeria Plc has posted a loss before income tax of N104 billion for the year 2023 compared to a profit before income tax of N71 billion for 2022.

In a 2023 financial statement of the company published on the Nigerian Exchange Group website on February 28, 2024, the company identified “devaluation of the naira”, “significant forex volatility and cost inflation” as major concerns for its financial state for the year ended.

“Despite the strong operational performance, the net profit is impacted by significant devaluation of the naira. The company believes that as macroeconomic situation stabilizes, the same would yield positive impact to the overall economy as well as company results.

“The company has taken robust margin management and cost management initiatives to address significant forex volatility and cost inflation,” the company acknowledged.

“In 2023, the company’s revenue grew by 22.4%, an increase of ₦100billion and the operating profit increased by 41.2%.”