Nestle Nigeria records 19.7 percent PBT drop Q3 2022

*The conglomerate attributes the drop in Profit Before Tax to higher operating expenses and higher net finance costs in the economy

Emmanuel Akosile | ConsumerConnect

Nestle Nigeria Plc has  released the conglomerate’s Third Quarter (Q3) 2022 results.

The company’s Q3 results released Friday, October 31, indicated a Profit Before Tax (PBT) of N14.6billion, representing a 19.7percent decrease from the N18.2billion reported same period in 2021.

The results also showed others as follows:

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%

Meanwhile, the drop in the company’s pre-tax profit was said to have resulted from higher operating expenses and higher net finance costs.

It was learnt that the development eroded much of the growth Nestle Nigeria recorded from revenues during the quarter under consideration.

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