Nestle Nigeria posts 142.7bn profit loss in Q1 2024


May 2, 2024.

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Azonuchechi Chukwu.

Nestle Nigeria Plc, one of the largest food and beverage companies in Africa, recorded its first quarter loss for the first time in at least 12 years.

the food company posted a loss after tax of N142.7 billion in the first quarter of this year from a profit of N16.2 billion in the same period of 2023.

It said the board of directors has approved a change in the measurement of land, building, plant, and machinery from the historical cost model to the revaluation model with effect from March 16, 2024.

Nestle Nigeria further said , the assets which are under construction such as Capital Work in Progress will also follow the revaluation model at the time of the capitalisation.

Revenue increased to N183.5 billion in the first quarter of 2024 from N127.9 billion. Impairment of financial assets grew to N122.3 million from N38.8 million.

Finance income grew marginally to N1.76 billion from N1.59 billion. Finance costs surged to N218.8 billion from N5.34 billion.

Wassim Elhusseini, CEO/MD of Nestle Nigeria Plc, while commenting on the results said, “Our first quarter sales reflect a positive growth momentum despite a challenging business environment.(

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Azonuchechi Chukwu
Azonuchechi Chukwu
Azonuchechi Chukwu - Business Journalist at Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the team.

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