Nestle Nigeria Plc released its 2022 Q3 results last week Friday, reporting a pre-tax profit of N14.6 billion representing a 19.7% drop from the N18.2 billion reported same period in 2021.
Revenue
2022 Q3: N111 billion
2021 Q3: N90.1 billion
Change: +23.1%
Gross Profit
2022 Q3: N37 billion
2021 Q3: N34.8 billion
Change: +6.3%
Operating profit
2022 Q3: N18.6 billion
2021 Q3: N19.7 billion
Change: -5.5%
Net Finance cost
2022 Q3: N4 billion
2021 Q3: N1.5 billion
Change: +166%
Pre-tax profit
2022 Q3: N14.6 billion
2021 Q3: N18.2 billion
Change: -19.7%
Cash in hand
2022 Q3: N107 billion
2021 Q3: N100.5 billion
Change: +6.4%
Bottom line: The drop in pre-tax profits was a result of higher operating expenses and higher net finance costs. It wiped out most of the growth recorded from revenues during the quarter.
