Nestlé Nigeria FY 2017 results: revenue up 34.2%, net profit up 326%

Mar 8, 2018

Nestlé Africa
Nestlé Nigeria has released its annual financial results for the year ending 31st December 2017. Revenue has increased by 34.2%, while net profit has increased by 326%.

Nestlé Nigeria has released an impressive set of annual results for the financial year ended 31st December 2017. The headline numbers are revenue up 34.2% and net profit up by 325.5%. Nestlé Nigeria’s results also includes some sales to Nigeria, Ghana, Niger, Chad, Togo, Senegal and Guinea. In 2017, Nigeria accounted for 98.8% of revenue.

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However, underneath impressive headline numbers, there are some signs of the ongoing challenges Nestlé faces: Q4 2017  sales were weak and showed a year on year decline for the first time in several years. Nestlé raised prices aggressively towards the end of 2016 as commodity prices increased. As with other major manufacturers in Nigeria, Nestlé has committed to finding improved local sources of raw materials, both as a means to manage costs and also mindful that the Nigerian government has shown itself willing to use tariffs to improve the competitiveness of locally-sourced products.

 

 

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