Nestle Nigeria Posts N11.852 Billion Profit in Q3 2021

Nestle Nigeria Plc, a publicly listed food and beverage specialty company headquartered in Lagos, has reported N90.151 billion in revenue for the third quarter (Q3) ended September 30, 2021. This represents an increase of 25.72 percent from N71.707 billion recorded in the third quarter of 2020.

In the company’s unaudited financial statements released on Monday, the cost of sales responded to the increase in revenue, rising by 30.04 percent from N42.52 billion filed in the corresponding period of 2020 to N55.29 billion in the quarter under review.

Accordingly, Gross profit inched higher from N29.187 billion in the same period of 2020 to N34.857 billion in Q3, 2021. While marketing and distribution and administrative expenses stood at N12.123 billion and N2.94 billion in Q3 2021 from N10.931 billion and N2.398 billion in the same quarter of 2020, respectively.

Results from operating activities grew from N15.857 billion in the corresponding period of 2020 to N15.857 billion in the third quarter of 2021.

Nestle Nigeria’s finance income jumped by 228.4 percent from N229.253 million in Q3 2020 to N752.943 million in Q3 2021. However, finance costs escalated by 240.35 percent to N2.34 billion in Q3 2021, up from N687.581 billion recorded in Q3 2020.

Profit before tax rose from N15.399 billion achieved in the third quarter of 2020 to N18.205 billion in the same period of 2021.

Nestle Nigeria paid N6.352 billion in income tax to post N11.853 billion profit after tax in the third quarter of 2021, a 17.2 percent increase from N10.113 billion filed in Q3 2021.