Nestlé Nigeria Reports Net Loss of N79 Billion in 2023

Business News

Nestlé Nigeria Plc rolled in a net loss of N79 billion from the 2023 operations, as huge net foreign exchange (FX) losses of N195 billion wiped off the company’s capital base and dug a hole of N78 billion in the balance sheet. It is the first loss the company has seen in many years, which is a deep plunge from the peak profit figure of almost N49 billion it registered in 2022. The audited financial report of the food and beverages producing company for the full year ended December 2023 shows that FX losses multiplied 23 times in the year and derailed the course of stable growth in operating activities. Further pressure mounted from interest expenses on the company’s enlarged borrowings. Finance expenses tripled to N38.4 billion at the end of the year.Interest-bearing debts jumped more than two and half times from N155.3 billion in 2022 to N402.3 billion at the end of 2023. The company’s retained earnings of N29