Nigeria's independent online newspaper
Nestlé Nigeria Plc rolled in a net loss of N79 billion from the 2023 operations, as huge net foreign exchange losses of N195 billion wiped off the company’s capital base and dug a hole of N78 billion in the balance sheet.
Further pressure mounted from interest expenses on the company’s enlarged borrowings. Finance expenses tripled to N38.4 billion at the end of the year.Interest-bearing debts jumped more than two and half times from N155.3 billion in 2022 to N402.3 billion at the end of 2023. Sales revenue grew by 22.5 percent to N547.1 billion at the end of the 2023 operations, which means additional earnings of N100.3 billion was raked in in the year.
The cost increases were diluted by a net write-back of financial assets impairment of N483.2 million – which advanced from a net charge of N29 million in the preceding year.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Article of Faith: The God who kills before He makes alive, By Femi AribisalaPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »
CBN reiterates directive to banks on utilisation of forex gainsPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »
When the Chief Justice brings the judiciary to ridicule, By Chidi Anselm OdinkaluPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »
Abducted school children may become bandits in future, Group warnsPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »
Abdul Ningi and the “Apapin” fraternity, By Festus AdedayoPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »
JUST IN: Give me power to spend security votes like governors, Wike lobbies lawmakersPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »