NESTLE | Nestle Nigeria FY 2023 Quick Take: FX devaluation impact on FCY loans leads to Net Loss
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Nestle Nigeria Plc’s (Nestle) recently released audited FY 2023 results showed the company’s Revenue increased by 22.45% y/y to N547.12bn in FY 2023 from N446.82bn in FY 2022 driven by both a 30% y/y and 10.6% y/y increase in its Food and Beverage segments to N353.70bn and N193.42bn in 2023 from N271.99bn and N174.83bn in 2022. On q/q basis, Nestle reported 11.6% increase in its Revenue to N150.53bn in Q4 2023 from N134.82bn in Q3 2023. Its food and beverage segments advanced by 12.7% and 9.6% q/q to N99.32bn and N51.21bn in Q4 2023 from N88.11bn and N46.71bn in Q3 2023 respectively.