Business News

BREAKING: Nestle Nigeria reports N104 billion loss in 2023, shareholders funds wiped out

Nestle Nigeria Plc has reported a loss before tax of N104 billion for the year ended 2023 compared to a profit before tax of N71 billion.

This is according to the 2023 financial statement of the company published on the NGX on Wednesday, 28th February 2024.

The company reported a foreign exchange loss of N195 billion which was the major reason for the overall loss reported by the company.

The losses also resulted in a wipeout of the company’s shareholder funds which is now a negative N78 billion from N30.2 billion. Nestle will also not be able to pay dividends based on the status of its shareholder’s funds.

This is a developing story…..