ADVERTISEMENT
  • About
  • Advertise
  • Careers
  • Contact Us
Monday, August 25, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
ADVERTISEMENT
Home News

Nestlé Nigeria Reports 75% Revenue Increase to ₦958.8 Billion in 2024

…but naira devaluation leads to after-tax loss of ₦164.5 billion, reports LATIFAT FASHINA

by Techeconomy
February 27, 2025
in News
0
Nestlé Nigeria
Nestlé Nigeria office

Nestlé Nigeria office

UBA
Advertisements

Nestlé Nigeria Plc has reported revenue of ₦958.8 billion for the financial year 2024, a 75% year-on-year increase, despite economic downturn and the naira depreciation.

According to its audited financial statement released on the Nigerian Exchange (NGX), the company had strong operating performance, with key financial indicators revealing growth.

Highlights

  • Export sales jumped from ₦1.2 billion in 2023 to ₦6.6 billion in 2024.
  • Operating profit rose 6% to ₦167.9 billion from ₦123.8 billion.
  • Total assets surged 5% to ₦858.6 billion from ₦581.7 billion.
  • Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 45.2%, reaching ₦135.4 billion.

Currency devaluation and high finance costs pushed the company into a full-year loss of ₦14.6 billion. However, Q4 2024 marked a turnaround, with a net profit of ₦19.7 billion, a good recovery from the ₦36.4 billion loss in Q4 2023.

Wassim Elhusseini, Nestlé Nigeria’s CEO, noted that the revenue growth and operational success were a result of brand resilience, strong fundamentals, and strategic initiatives.

He acknowledged the impact of foreign currency revaluation on net profit and equity, but was positive about the company’s ability to scale through economic challenges and sustain consumer demand.

MTN ADS

“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 the 35.6% improvement of our operating profit to ₦167.9 billion, reflect the robustness of our operating performance.

Despite recording a 75% increase in revenue, the company ended with an after-tax loss of ₦164.5 billion, with the CEO pointing to the devaluation of naira and high finance costs as the underlying cause.

He stated: “Our net profit and equity were impacted by high finance costs associated with the reevaluation of the company’s foreign currency obligations, due to an unprecedented devaluation of the naira,” Elhusseini stated.

Nonetheless, Nestlé Nigeria is leveraging cost-cutting measures and strategic adjustments to sustain profitability and drive long-term growth.

Loading

MTN ADS

0Shares

MTN ADS
Tags: Nestlé Nigeria
Techeconomy

Techeconomy

Next Post
Telcos, Telecoms 50% Tariffs, Internet, MNOs, Network Providers - the Big Four & Rising Costs | Connectivity in Nigeria

Rising Costs, Rising Challenges: What's Forcing Telcos to Increase Costs?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Vesti Brothers - Nigeria | Kenya

Vesti Expands to Kenya

6 months ago
Afia TV

Afia TV Partnership with Anaedo TV on DSTV to Shine Light on Nnewi Economy

2 years ago

Popular News

  • Spotify to Raise Premium Fee

    Spotify to Raise Premium Fee to €11.99 in Nigeria, Other Regions

    0 shares
    Share 0 Tweet 0
  • CONNOVATE 2025: NITDA Pushes for AI-Security Integration as Pillar of Nigeria’s Digital Future

    0 shares
    Share 0 Tweet 0
  • How to Read Your Credit Report and Fix Mistakes

    0 shares
    Share 0 Tweet 0
  • Prof. Stella Chiemeke Awards ₦1 Million to Doctoral Students at NCS ConNovate 2025‎

    0 shares
    Share 0 Tweet 0
  • Spotify to Raise Premium Prices in September as It Targets 1 Billion Users

    0 shares
    Share 0 Tweet 0

Connect with us

  • About
  • Advertise
  • Careers
  • Contact Us

© 2025 TECHECONOMY.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs

© 2025 TECHECONOMY.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.