Nestle Nigeria Plc (“The Group”) grew topline by 22% from N446.82bn in FY 2022 to N547.12bn in FY 2023, the impressive performance was driven by a 30% and 11% rise in Food and Beverage segment of the business, respectively. Revenue from Food segment grew to N353.70bn (FY 2022: N271.99bn), while Beverages grew to N193.42bn (FY 2022: N174.83bn). We attribute the sustained growth to effective pricing strategy to contain higher cost due to inflationary pressures, robust network distribution, as well as product packaging innovations to meet the depleting wallets of consumers.

Q1 2024 Financial Performance

The Group reported a substantial revenue growth in both its Food and Beverage segments, amounting to N117.03bn (+44% year-on-year) and N66.45bn (+42% year-on-year), respectively. This growth was primarily driven by elevated pricing strategies within both segments and supported by ongoing efforts in optimising the product portfolio. Recently, the Group introduced Maggi Soya Chunks, Milo 3-in-1, Cerelac Bag-n-Box, and Milo Enersnakz and entered the affordable plant-based nutrition segment with NIDO Soya. Given the current financial constraints on consumers, these budget friendly products have been well-received.


For FY 2024, we anticipate a 34% year-on-year growth in revenue to N733.14bn, fueled by higher prices, increased volumes, and expanded distribution reach, particularly for newly launched affordable products which has been well received. Similarly, we envisage higher operating expenses, especially driven by advertising and marketing costs, as the Group continues to spend on awareness for the newly launched and existing products.

Please follow the link “Nestle Nigeria FY 2023 & Q1 2024 – FX Losses Distort Performance” to view the whole report.

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