Nestlé Nigeria Plc has rebounded as profit after tax hit N19.7 billion in the fourth quarter (Q4) of 2024 from the N36.4 billion loss recorded in Q4 2023.
For the full year, Nestlé Nigeria’s revenue surged by 75.2% to N958.8 billion, up from N547.1 billion in 2023.
The company’s operating profit also increased by 35.6% to N167.9 billion while earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 45.2% to N196.7 billion.
Despite these gains, high finance costs linked to the devaluation of the naira impacted Nestlé’s overall bottom line, resulting in a total comprehensive loss of N14.6 billion for 2024, albeit a notable improvement from the N79.4 billion loss reported in 2023.
Nestlé Nigeria’s Managing Director and CEO, Wassim Elhusseini, attributed the company’s turnaround to strategic investments, operational efficiencies, and a resilient workforce.
“Our 2024 results demonstrate the resilience of our brands and teams, underscoring the strength of our operating fundamentals in a challenging business environment. The impressive 75.2% revenue growth and 35.6% improvement in operating profit reflect the robustness of our performance,” he stated.
He further noted that foreign exchange-related losses continued to weigh on net earnings, but the company remains focused on long-term sustainability.
In Q4 2024, Nestlé Nigeria’s revenue grew by 95% to N293.5 billion with operating profit surging by 77.1% to N57 billion. The company also recorded an 88% increase in EBITDA, rising to N66.4 billion, underscoring stronger financial stability and improved margins in the final quarter of the year.
Nestlé Nigeria’s commitment to expansion was evident in its N132 billion investment in operational capacity and technology since 2023, including N72 billion spent in 2024 alone.
The company also expanded its workforce by 8%, reinforcing its long-term strategy to strengthen market leadership and meet growing consumer demand.
Looking ahead, Nestlé Nigeria remains cautiously optimistic about sustaining profitability, despite ongoing macroeconomic challenges.
The company’s strategic focus on cost optimization, investment in capacity and product innovation positions it for continued growth in 2025.
