Nestle Nigeria recently released its foreign exchange for the first nine months of 2023, and it shows that the firm recorded a loss of N127.46 billion, far from the corresponding year that settled at N1.69 billion in 2022. This development pushed the company to a loss after tax, resulting in a loss per share for its shareholders.
Due to the FX loss, Nestle Nigeria recorded a loss after tax of N43.07 in the first nine months of 2023 when compared to the corresponding year, which was N40.15 billion in 2022—this led to a loss per share of N54.33 per share from earnings per share of N50.66 per share.
Net cash flows from operating activities increased to N53.26 billion in the first nine months of 2023 compared to the corresponding year, which was N4.34 billion in 2022.
Nestle Nigeria's revenue increased as it settled at N396.59 billion in the first nine months of 2023 compared to the corresponding year, which was N333.47 billion in 2022.
Nestle Nigeria's total goods sold for the first nine months of 2023 were N396.1 billion in Nigeria, while N488.02 million worth of goods were exported during the period.
Other Analysis
Nestle Nigeria's marketing and distribution expenses rose to N58.88 billion in the first nine months of 2023 compared to the corresponding year, which settled at N43.38 billion in 2022.Nestle Nigeria's administrative expenses increased to N9.7 billion in the first nine months of 2023 compared to the corresponding year, which settled at N9.03 billion in 2022.
Nestle Nigeria's marketing and cost of sales rose to N236.42 billion in the first nine months of 2023 compared to the corresponding year, which settled at N216.19 billion in 2022.
Nestle Nigeria's finance costs rose to N26.65 billion in the first nine months of 2023 compared to the corresponding year, which settled at N6.49 billion in 2022.
Nestle Nigeria's net cash flows from investing activities rose to N26.65 billion in the first nine months of 2023 compared to the corresponding year, which settled at N12.02 billion in 2022.
Read more: https://www.investingport.com/nestle-nigeria-lose-n12746-billion-in-foreign-exchange/