<h4>Nestle Nigeria Plc Records Loss For The Year Ended 2023</h4>
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<p><strong><a href="https://openlife.ng/">OpenLife Nigeria</a></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</p>
<p>This is according to the 2023 financial statement of the company published on the NGX on Wednesday, 28th February 2024.</p>
<p>Nestle Nigeria Plc is a publicly listed food and beverage specialty company, mostly owned by a holding company based in Switzerland and has ties to the company Tolaram Group.</p>
<p>The company was founded in 1961 and conducted trading under the name of Nestle Products Nigeria Limited</p>
<p>Simultaneously, the company reported a foreign exchange loss of N195 billion which was the major reason for the overall loss reported by the company.</p>
<p>The losses also resulted in a wipeout of the company’s shareholder funds which is now a negative N78 billion from N30.2 billion a year earlier. Nestle will also not be able to pay dividends based on the status of its shareholder’s funds.</p>
<p><strong>Breakdown of the result</strong></p>
<p><em>• Revenue for the year is N547.1 billion up from N446.8 billion reported a year earlier</em><br />
<em>• Gross profit N217.7 billion versus N155.7 billion (2022), +39.8% YoY</em><br />
<em>• Operating Profit N123.7 billion versus N87.4 billion (2022), +41.5% YoY</em><br />
<em>•<a href="https://www.vanguardngr.com/"> Net Finance Cost -N227.8 billion versus N16.3 billion (2022), +1,297%</a></em><br />
<em>• Pre-tax loss of N104 billion versus Pre-tax profit of N71.1 billion (2022).</em><br />
<em>• Loss after tax of N79.4 billion versus Profit after tax of N48.9 billion (2022).</em><br />
<em>• Shareholder Funds -N78 billion versus last year’s N30.2 billion.</em><br />
<em>• Interest-bearing loans of N402.2 billion versus N155.2 billion (2022)</em></p>
<p>However, 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.</p>
<figure id="attachment_21707" aria-describedby="caption-attachment-21707" style="width: 162px" class="wp-caption alignnone"><img class="size-full wp-image-21707" src="https://openlife.ng/wp-content/uploads/2023/07/Nestle.jpg" alt="Nestle Nigeria Plc Records Loss For The Year Ended 2023" width="162" height="87" /><figcaption id="caption-attachment-21707" class="wp-caption-text"><em><strong>Nestle Nigeria Plc</strong></em></figcaption></figure>

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