In its recently released audited results, Nestle Nigeria Plc grew topline by 22.6% y/y to N351.8bn in FY 2021 from N287.1bn in FY 2020. In Q4 alone, growth in Revenue was relatively flattish, up marginally by 0.1% q/q to N90.2bn. The food sub-segment, which contributed 59.2% of the total Revenue, recorded double-digit growth in the period, up 21.3% to N208.3bn in FY 2021. Similarly, the beverages sub-segment which accounted for 40.8% of Revenue grew 24.4% y/y to N143.5bn. Export sales increased, up 19.9% to N5.3bn in 2021 from N4.4bn in 2020.