Nestlé Nigeria Plc has announced its financial results for the year ended December 31, 2024, reporting a loss before tax (LBT) of N221.589 billion, representing a 113% year-on-year increase from 2023.
Key Point: Despite reporting a significant loss before tax, Nestlé Nigeria Plc achieved revenue growth of 75.2% to N958.8 billion and a 35.6% increase in operating profit to N167.9 billion, demonstrating robust operational performance in a challenging market.
The company attributed the loss to rising finance costs, primarily driven by the devaluation of the Naira. However, the revenue growth and increased operating profit indicate that Nestlé Nigeria Plc's operational performance remains strong, despite the challenging market conditions.
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