Nestlé Nigeria’s eight-year profit streak ends with two consecutive years of losses

Key takeaways

  • Nestlé Nigeria maintained steady profits for eight years, growing from ₦22.2 billion naira in 2014 to ₦49 billion naira in 2022
  • Nestlé Nigeria swung from a ₦49 billion naira profit in 2022 to a ₦79.5 billion naira loss in 2023, a 262% decline in one year
  • Losses deepened by 107%, from ₦79.5 billion naira in 2023 to ₦164.6 billion naira in 2024
  • A combined ₦244 billion naira loss for 2023 and 2024 nearly wiped out all the profits of ₦304.5 billion naira made between 2014 and 2022

Nestlé Nigeria’s financial position has suffered a dramatic reversal. After a strong ₦49 billion naira profit in 2022, the company suffered a ₦79.5 billion naira loss in 2023, marking a 262% decline in just one year. The situation worsened in 2024, with losses more than doubling to ₦164.6 billion naira, representing a deeper decline of 107%.

Source:

Nestlé Nigeria’s annual reports

Period:

2014-2024
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