Nestle Nigeria Plc Records 43.38% Revenue Growth in Q1 2024


**Nestle Nigeria Plc Q1 2024 Financial Report Overview**

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Nestle Nigeria Plc released its financial report for the first quarter of 2024, indicating a significant increase in revenue by 43.38% compared to the same period in 2023. The report, compiled by Cowry Research, highlights various financial metrics, including profit margins, operating activities, and balance sheet figures.

Key Highlights:
– Revenue: ₦183.48 billion, up 43.38% from Q1 2023.
– Cost of Sales: ₦134.42 billion, representing a 76.13% increase from the previous year.
– Gross Profit: ₦49.07 billion, with a gross margin of 36.5%.
– Operating Margin: 11.5%.
– Profit from operating activities: ₦21.04 billion, showing a 26.65% increase.
– Net Profit Margin: -77.8%.
– Finance Income: ₦1.76 billion, up by 10.42%.
– Loss/Profit after tax: -₦142.68 billion, compared to a profit of ₦16.25 billion in Q1 2023.
– Basic Earnings per Share: (₦1.80), a decrease from ₦20.45 in Q1 2023.

Balance Sheet Highlights (as at March 31, 2024):
– Cash and short-term deposits: ₦44.28 billion, down by 73.60%.
– Trade and other receivables: ₦103.80 billion.
– Inventories: ₦113.68 billion, showing a 29.49% increase.
– Total Assets: ₦775.54 billion, up by 33.31% from December 31, 2023.
– Total Liabilities: ₦846.35 billion, indicating a 28.27% increase.
– Total shareholders’ equity: (₦70.81 billion), compared to (₦78.04 billion) in December 2023.

The report provides insights into Nestle Nigeria Plc’s financial performance for the first quarter of 2024, offering investors valuable information for decision-making.

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OyinyeChukwu Paula
OyinyeChukwu Paulahttp://Vetiva%20Research
OyinyeChukwu Paula Position: Business Journalist, Naija247news OyinyeChukwu Paula is an accomplished business journalist contributing her expertise to Naija247news, one of Nigeria's leading news platforms. With a keen interest in economic affairs, financial markets, and corporate developments, Paula brings a wealth of knowledge to her reporting, delivering insightful analyses on the dynamic business landscape in Nigeria and beyond. Education: Paula holds a degree in Journalism from [Abia State University], where she honed her skills in investigative reporting and business journalism. Her academic background laid the foundation for her commitment to delivering accurate and timely news with a business-focused perspective. Professional Experience: Having amassed experience in the field, Paula's journalistic journey has been marked by a dedication to uncovering stories that impact the business community. Her work spans interviews with key industry figures, coverage of market trends, and in-depth analyses of economic policies. Areas of Expertise: Financial Markets: Paula provides comprehensive coverage of financial markets, offering insights into stock movements, currency fluctuations, and economic indicators. Corporate Affairs: With a focus on corporate activities, Paula delves into mergers and acquisitions, financial reports, and the strategies employed by leading companies. Economic Policy: Keeping a watchful eye on government policies, Paula explores their implications on businesses and the broader economy, providing readers with a nuanced understanding of economic developments. Contributions to Naija247news: Paula's bylines at Naija247news reflect her commitment to delivering quality journalism. Whether unraveling complex financial narratives or simplifying intricate economic concepts, she ensures that her audience is well-informed and empowered. Passion for Business Journalism: Beyond the newsroom, Paula is known for her passion for business journalism's role in fostering transparency and accountability. She believes in the power of information to drive positive change and economic growth. In a media landscape marked by rapid changes, OyinyeChukwu Paula stands out as a dedicated business journalist who continues to shape the discourse on economic matters, contributing significantly to Naija247news's mission of delivering credible and impactful news.

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