Nestlé Nigeria Announces Q1 2022 Financial Results

Nestlé Nigeria PLC has announced its financial results for the first quarter of 2022, ending
31 March 2022. The company recorded a revenue of N 110.2 billion against N 87.3 billion
during the same period in the previous year, a top-line growth of 26.3%. Profit after tax
for the period stood at N 18.0 billion according to the unaudited financial statements of
the Company.

The financial results were reviewed and approved by the Board of Nestlé Nigeria PLC
during its meeting held on April 29, 2022.

Commenting on the results, the Managing Director and CEO of Nestlé Nigeria PLC, Mr. Wassim Elhusseini said, “On behalf of the management and staff of Nestlé Nigeria PLC, I am delighted to present this impressive performance of our company in the first quarterof 2022. I commend the efforts of the entire team at Nestlé Nigeria PLC, for continuing to thrive under the current difficult business environment.

We know that the global economic situation and supply chain disruptions will continue to
put more pressure on the already challenging business environment. However, we remain
optimistic that we can continue to improve our business by empowering our people and
ensuring continued supply of essential nutritious food and beverages to consumers.

We will continue to focus on these two important areas while caring for our communities
and business partners, and all collaborators across our value chains to sustain this growth
throughout the year.”