BUSINESS

Nestle Nigeria’s Pre-Tax Profit Drops By 19.7% In Q3 2022

 

Nestle Nigeria Plc has released its 2022 Q3 results, reporting a pre-tax profit of N14.6 billion representing a 19.7% drop from the N18.2 billion reported same period in 2021.

NewsBeatng gathered that the drop in pre-tax profits was a result of higher operating expenses and higher net finance costs. It wiped out most of the growth recorded from revenues during the quarter.

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%

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