NewStats: 3,263,463 , 8,180,204 topics. Date: Friday, 06 June 2025 at 03:02 AM 6bj2f

In the first nine months of 2024, Nestle Nigeria Plc recorded a pre-tax loss of N255.38 billion on the back of significant increase in finance cost.

The company in the period saw its pre-tax losses rise by a whopping N198.73 billion when compared to the same period of 2023.

This is according to Nestle Nigeria Plc unaudited financial statement for the nine months ending September 30, 2024, published on the NGX where pre-tax losses rose from N56.65 billion in 2023 to N255.38 billion in the current period.

This marks an increase of 350% over the one year period.

The company also saw its net finance cost increase by 147% from N148.24 billion to N366.22 billion during the period.

Key Highlight of the report

Revenue- N665.28 billion, +68%
Cost of sales- N458.97 billion, +94%
Gross profit- N206.31 billion, +29%
Marketing and distribution expenses- N73.39 billion, +25%
istrative expenses- N22.54 billion, +132%
Operating Profit- N110.84 billion, +21%
Finance costs- N369.15 billion, +136%
Net Finance cost- N366.22 billion, +147%
Pre-tax loss- N255.38 billion, +350%
Income tax credit- N71.11 billion, +424%
Loss after tax- N184.27 billion, +328%
Basic Loss per share- (-N232.47k), -332%

Third Quarter performance

In the three months between July and September 2024, the company’s revenue grew from N134.82 billion to N258.31 billion. However, a significant increase in the cost of sales as well as net finance cost ensured the company was in the red during the period.

Cost of sales in the third quarter of 2024 nearly doubled from N81.98 billion in Q3, 2023 to N179.31 billion. Also, net finance cost in Q3, 2024 soared by over 160% from N18.33 billion in 2023 to N50.62 billion in the period under review. This resulted in an after-tax loss of N7.35 billion from an after -tax profit of N6.91 billion in the Q3, 2024.

Commentary: Nestle Nigeria Plc’s significant net finance cost resulted mainly from the translation of foreign currency denominated balances which resulted in a loss of N285.29 billion. In the corresponding year of 2023, the company’s translation of net exchange loss on foreign currency denominated balances stood at N127.45 billion.

Furthermore, interest expense on financial liabilities rose by 188% from N29.07 billion between January to September 2023 to N83.86 billion in the first nine months of 2024.
In the period under review, Nestle Nigeria’s raw material cost soared by over 100% from N116.83 billion to N251.12 billion. The company spent N108.51 billion on direct overhead cost and N36.22 billion on direct labour costs in the first nine months of the year.
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https://nairametrics.com/2024/10/29/nestle-nigeria-plc-posts-n255-billion-pre-tax-losses-in-first-nine-months-of-2024/

Na so. Otunba t-pain aka Jagaban of hardship is working

One sad tale after the other, those in power are only focused on politics of clinching Rivers and Edo states .

Good.

Those are the missing taxes for years

Nestle, Cardbury, they have been taken us for a ride long time

They almost monopolized Dairy business in Nigeria

helinues:
Good.

Those are the missing taxes for years

Nestle, Cardbury, they have been taken us for a ride long time

are you sane at all?
Maybe it is lack of highways and flyovers thats responsible too. I can see your oga using the last card we have nationally to build them.

CodeTemplarr:
are you sane at all?
Maybe it is lack of highways and flyovers thats responsible too. I can see your oga using the last card we have nationally to build them.

Are you talking from experience?

Since they have been making profits for decades, how much have they given you inside?

helinues:
Good.

Those are the missing taxes for years

Nestle, Cardbury, they have been taken us for a ride long time

They almost monopolized Dairy business in Nigeria

When education is a waste.

Omo I no wan hear say Nestlé fold up o. They are systemically important in the fmcg industry. The job losses no go funny at all

helinues:
Good.

Those are the missing taxes for years

Just imagine !!! What is good about such a big company running at such a huge loss. Do you even understand what they meant by Pretax loss?
Am sure you have not done any valuable thing in your life thats why you wont understand the pains of a business or business owner running at such a huge loss, all thanks to Tinubu and APCs myopic and useless economic policies.

helinues:


Are you talking from experience?

Since they have been making profits for decades, how much have they given you inside?

they dont owe me because i didnt sell my brain to any politician in kolanut oath. Do they owe you? This thread is destined for front page whether you like or not derail all you want i know your tactics. Oya reply with another mumu talk.

nedu666:


When education is a waste.

Trolling senselessly is inevitable

helinues:
Good.

Those are the missing taxes for years

Nestle, Cardbury, they have been taken us for a ride long time

They almost monopolized Dairy business in Nigeria

Your elder sister pulled serious strings to get you that mortuary attendant position, why didn't you go to work today?

Mahenson:

Just imagine !!! What is good about such a big company running at such a huge loss. Do you even understand what they meant by Pretax loss?
Am sure you have not done any valuable thing in your life thats why you wont understand the pains of a business or business owner running at such a huge loss, all thanks to Tinubu and APCs myopic and useless economic policies.

You people are just too damn emotional about politics discussion. Only if you people have a clue about all the atrocities all these companies running loss have committed in Nigeria, then you won't have a pity for them.

If they want to pack up, let them pack up and go, we will attract new investors. They have sucked us enough

Lazy Company!

Oando is set to post over ₦1 trillion after posting losses for over a decade.

helinues:


Are you talking from experience?

Since they have been making profits for decades, how much have they given you inside?

The dividends they pay shareholders is what?
The taxes they pay fed govt is what?
The salaries to thousands of workers is what?
The paye paid to state govt is what?
The annual rewards to distributors is what?
The community relations project is what?
TV adverts is what?

Your education is truly a waste

chicfarmer:
Omo I no wan hear say Nestlé fold up o. They are systemically important in the fmcg industry. The job losses no go funny at all

They add value a lot. From processing local raw inputs to backwards integration to outdated machines that makes them need more hands and so employ many people. The impact is no joke o.

VinTruth:
Lazy Company!

Oando is set to post over ₦1 trillion after posting losses for over a decade.

The companies loosing now are those who have been doing shady deals in Nigeria most especially terror sponsor and also tax evasion

helinues:
Good.

Those are the missing taxes for years

Nestle, Cardbury, they have been taken us for a ride long time

They almost monopolized Dairy business in Nigeria

. Pre-tax , before tax deduction

Mahenson:

Just imagine !!! What is good about such a big company running at such a huge loss. Do you even understand what they meant by Pretax loss?
Am sure you have not done any valuable thing in your life thats why you wont understand the pains of a business or business owner running at such a huge loss, all thanks to Tinubu and APCs myopic and useless economic policies.

.


He is a dumb adult. Tomorrow he will be posting charts yet Common financial statement he can nor read and interprete.

nedu666:


The dividends they pay shareholders is what?
The taxes they pay fed govt is what?
The salaries to thousands of workers is what?
The paye paid to state govt is what?
The annual rewards to distributors is what?
The community relations project is what?
TV adverts is what?

Your education is truly a waste

In life, as you are counting your blessings, don't also forget to count your losses. Cross check and balancing is important for stability

Which of the companies have ever been honest with their dividends sharing?

Tell us the % of salary increase to their staff when they were making profits

nedu666:


The dividends they pay shareholders is what?
The taxes they pay fed govt is what?
The salaries to thousands of workers is what?
The paye paid to state govt is what?
The annual rewards to distributors is what?
The community relations project is what?
TV adverts is what?

Your education is truly a waste

The backwards integration.
The raw materials.
The respect they command that translates to reputation in smaller african countries and thus export.
Helinues was just trying his normal tactics of uusing personal back n forth to derail it from reaching FP or dumping nonsense on page 1 of the thread. That guy is insane in the brain.

nedu666:
.


He is a dumb adult. Tomorrow he will be posting charts yet Common financial statement he can nor read and interprete.

Don't start your petty gossiping on this thread. Face me head on like a man

Waiting for Nestle products to increase prices of their goods by 100%. Na we Nigerians go still suffer am. The more they increase prices, the more they lose.

helinues:


In life, as you are counting your blessings, don't also forget to count your losses. Cross check and balancing is important for stability

Which of the companies have ever been honest with their dividends sharing?

Tell us the % of salary increase to their staff when they were making profits

the profit was shrinking before eventually yielding as loss, is that the time to increase salary or you do not know that APC has been doing their thing for 9 years now?

helinues:


In life, as you are counting your blessings, don't also forget to count your losses. Cross check and balancing is important for stability

Which of the companies have ever been honest with their dividends sharing?

Tell us the % of salary increase to their staff when they were making profits

Its better to keep quiet and be thought as wise than open your mouth and remove all doubts that you are foolish

Lagos boys and with master strategy are in charge.

CodeTemplarr:
the profit was shrinking before eventually yielding as loss, is that the time to increase salary or you do not know that APC has been doing their thing for 9 years now?

Then they should change their managers. How are the companies making profits under this government been able to do it?

nedu666:



Its better to keep quiet and be thought as wise than open your mouth and remove all doubts that you are foolish

You are the one that should keep shut and stop arguing blindly

helinues:


You people are just too damn emotional about politics discussion. Only if you people have a clue about all the atrocities all these companies running loss have committed in Nigeria, then you won't have a pity for them.

If they want to pack up, let them pack up and go, we will attract new investors. They have sucked us enough

Though I still this government and believe they have good intentions but not well thought approach towards policy, Today I discover you are more or less a zombie with this your statement

helinues:


Then they should change their managers. How are the companies making profits under this government been able to do it?

Instead of all the companies sacking managers, why not the fools you are protecting handover to their number 2 from same party at least?

helinues:


You people are just too damn emotional about politics discussion. Only if you people have a clue about all the atrocities all these companies running loss have committed in Nigeria, then you won't have a pity for them.

If they want to pack up, let them pack up and go, we will attract new investors. They have sucked us enough

Am being logical and this is business not politics. You are the ones being emotional, ignorant and by extension myopic to business. Look at how easy it was for you to tell them to pack up. The families that are earning from them will you take care of them if they pack up? Little wonder companies are packing up in blabablues economy.
Talking about new investors, ever since you started ing Buhari till now a greater disaster is a president tell me how many investors have come in. You think investors are foolish people looking for where to waste their hard earned money?
I have some foreign partners who wanted to come and establish a refinery here in Nigeria, discussions have been concluded and documents signed. Ever since they saw the challenge Dangote is facing on his refinery especially with the supply of crude, they went cold. People that used be on my neck to conclude the deal all of a sudden ghosted me.
You people should continue ing Tinubu while he wrecks the economy.

CodeTemplarr:
Instead of all the co.panies sacking managers, why not the fools tou are protection handover to their number 2 fom same party at least?

Who are you referring to jare?