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

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 same time in 2022

This is according to the 2023 financial statement of the company published on the NGX on Wednesday, 28th February 2024, we will be following this story and keep our readers updated as this is a developing story.

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 a year earlier. Nestle will also not be able to pay dividends based on the status of its shareholder’s funds.