By Tony Obiechina, Abuja
Nestle Nigeria Plc has recorded another half-year loss after tax, following the foreign exchange reform introduced by the Central Bank of Nigeria.
Nestle posted a N176.9bn loss after tax which is a 254 per cent fall from the N49.98bn it lost in the same period last year.
This was disclosed in the company’s half-year financial statement released on Tuesday.
The company’s challenges began last year when it declared a full-year loss of N79.5bn which is 280 per cent down compared to 2022 when it posted a profit after tax of N48.96bn.
Although the company’s sales revenue surged by 55 per cent to reach N406.9 in June 2024 as against the N261.8bn recorded in June 2023, Nestle said it has continued to struggle with government policies.
The company which is famous for its brands like Maggi, Milo, Golden Morn and Nescafé posted a gross profit of N63.07bn, a rise of four per cent from the N60.79bn recorded in June 2023.
But Nestle’s profit after tax for the six months ending June 2024 was negatively impacted by the depreciation of the naira which sold nearly N1,600 per dollar earlier in 2024. READ ALSO:
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