Nestlé Nigeria Plc announced mixed financial results for the year ending December 31, 2024, with impressive revenue growth of 75.2% reaching N958.8 billion, while posting a loss before tax of N221.589 billion—a 113% increase from the previous year.

The company attributed the loss primarily to significant finance costs resulting from the Naira's devaluation, which impacted the company's foreign currency obligations. Despite these challenges, Nestlé Nigeria's core business showed resilience with operating profit increasing by 35.6% to N167.9 billion compared to N123.8 billion in 2023.

In a communication to the Nigerian Exchange, the company emphasized that these results "indicate a robust operational performance in a challenging market."

The CEO/Managing Director of Nestlé Nigeria expressed satisfaction with the fourth quarter performance, noting, "Q4 2024 standalone results mark a return to profitability with a net profit of N19.7 billion, compared to a loss of N36.4 billion in Q4 2023."

The company has maintained its commitment to growth with substantial investments of N132 billion in operations since 2023, including N72 billion in 2024. These investments aim to strengthen Nestlé's market position and meet consumer demand. The company also expanded its workforce by 8% to support growth across its product portfolio.