Nestle Nigeria Plc Records Loss For The Year Ended 2023

<h4>Nestle Nigeria Plc Records Loss For The Year Ended 2023<&sol;h4>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a><&sol;strong> reports that Nestle Nigeria Plc has reported a loss before tax of N104 billion for the year ended 2023 compared to a profit before tax of N71 billion same time in 2022<&sol;p>&NewLine;<p>This is according to the 2023 financial statement of the company published on the NGX on Wednesday&comma; 28th February 2024&period;<&sol;p>&NewLine;<p>Nestle Nigeria Plc is a publicly listed food and beverage specialty company&comma; mostly owned by a holding company based in Switzerland and has ties to the company Tolaram Group&period;<&sol;p>&NewLine;<p>The company was founded in 1961 and conducted trading under the name of Nestle Products Nigeria Limited<&sol;p>&NewLine;<p>Simultaneously&comma; the company reported a foreign exchange loss of N195 billion which was the major reason for the overall loss reported by the company&period;<&sol;p>&NewLine;<p>The losses also resulted in a wipeout of the company’s shareholder funds which is now a negative N78 billion from N30&period;2 billion a year earlier&period; Nestle will also not be able to pay dividends based on the status of its shareholder’s funds&period;<&sol;p>&NewLine;<p><strong>Breakdown of the result<&sol;strong><&sol;p>&NewLine;<p><em>• Revenue for the year is N547&period;1 billion up from N446&period;8 billion reported a year earlier<&sol;em><br &sol;>&NewLine;<em>• Gross profit N217&period;7 billion versus N155&period;7 billion &lpar;2022&rpar;&comma; &plus;39&period;8&percnt; YoY<&sol;em><br &sol;>&NewLine;<em>• Operating Profit N123&period;7 billion versus N87&period;4 billion &lpar;2022&rpar;&comma; &plus;41&period;5&percnt; YoY<&sol;em><br &sol;>&NewLine;<em>•<a href&equals;"https&colon;&sol;&sol;www&period;vanguardngr&period;com&sol;"> Net Finance Cost -N227&period;8 billion versus N16&period;3 billion &lpar;2022&rpar;&comma; &plus;1&comma;297&percnt;<&sol;a><&sol;em><br &sol;>&NewLine;<em>• Pre-tax loss of N104 billion versus Pre-tax profit of N71&period;1 billion &lpar;2022&rpar;&period;<&sol;em><br &sol;>&NewLine;<em>• Loss after tax of N79&period;4 billion versus Profit after tax of N48&period;9 billion &lpar;2022&rpar;&period;<&sol;em><br &sol;>&NewLine;<em>• Shareholder Funds -N78 billion versus last year’s N30&period;2 billion&period;<&sol;em><br &sol;>&NewLine;<em>• Interest-bearing loans of N402&period;2 billion versus N155&period;2 billion &lpar;2022&rpar;<&sol;em><&sol;p>&NewLine;<p>However&comma; business analysts are of the view that the negative shareholder funds incurred by Nestle will most likely lead to a fresh raise capital of over N100 billion to ensure it continues to operate effectively as well as ensuring the going concern status of the company is guaranteed&period;<&sol;p>&NewLine;<figure id&equals;"attachment&lowbar;21707" aria-describedby&equals;"caption-attachment-21707" style&equals;"width&colon; 162px" class&equals;"wp-caption alignnone"><img class&equals;"size-full wp-image-21707" src&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;wp-content&sol;uploads&sol;2023&sol;07&sol;Nestle&period;jpg" alt&equals;"Nestle Nigeria Plc Records Loss For The Year Ended 2023" width&equals;"162" height&equals;"87" &sol;><figcaption id&equals;"caption-attachment-21707" class&equals;"wp-caption-text"><em><strong>Nestle Nigeria Plc<&sol;strong><&sol;em><&sol;figcaption><&sol;figure>&NewLine;