Nestle Nigeria Plc has reported a loss after tax of N164.595 billion for the year ended 31 December 2024.
The Company reported revenue of N958.815 billion for the 12 months period, up by 75.25% from N547.119 billion reported the previous year.
Loss after tax of N164.595 billion was reported for the 12 months period as against the loss after tax of N79.474 billion reported the previous year.
Considering the Q4 2024 stand-alone (that this the 3 months period between October and December), the result marks return to profitability as the Company reported Profit after tax of N19.7 billion versus loss of -N36.4 billion in Q4 2023.
The Earnings per share of Nestle stands at NEGATIVE N207.65.
At the share price of N975, the P/E ratio of Nestle Nigeria Plc stands at NEGATIVE 4.70x with earnings yield of NEGATIVE 21.30%.
No dividend was declared for 2024 financial year.
Commenting on the results, Mr. Wassim Elhusseini, CEO/Managing Director of Nestlé Nigeria PLC, stated thus:
“Our 2024 results demonstrate the resilience of our brands and teams and underscore our strong fundamentals in a challenging business environment. The impressive 75.2% revenue growth for the year as well as 35.6% improvement of our operating profit to 167.9 billion Naira reflect the robustness of our operating performance. Our net profit and equity were impacted by high finance costs associated with the revaluation of the company’s foreign currency obligations, due to an unprecedented devaluation of the Naira.”
“I am very pleased to state that our Q4 2024 standalone results mark a return to profitability with a net profit of Naira 19.7 billion, against a loss of 36.4 billion Naira in Q4 2023. Our investments of 132 billion Naira in our operations since 2023, including Naira 72 billion in 2024, are strategically aligned to enhance our market position and meet the consumer demand. We also expanded our workforce by 8% to support the growth across our portfolio. We extend our gratitude to our employees whose decisive actions contributed to our results. We also thank our partners for their vital contributions during these challenging times.”
Source: Nestle Nigeria Plc declares N164.6bn loss for 2024 financial year – StocksWatch
