SAHARA REPORTERS
In the first nine months of 2024, Nestle Nigeria Plc recorded a pre-tax loss of N255.38 billion on the back of significant increase in finance cost.
The company in the period saw its pre-tax losses rise by N198.73 billion when compared to the same period of 2023.
This is according to Nestle Nigeria Plc unaudited financial statement for the nine months ending September 30, 2024, published on the NGX where pre-tax losses rose from N56.65 billion in 2023 to N255.38 billion in the current period
Nestle report noted that the sales in the third quarter of 2024 nearly doubled from N81.98 billion in Q3, 2023 to N179.31 billion.
The report also noted that net finance cost in Q3, 2024 soared by over 160% from N18.33 billion in 2023 to N50.62 billion in the period under review.
The losses arising from finance costs were blamed on the foreign exchange fluctuations in the country occasioned by the fall in the value of naira.
This development comes amid economic challenges facing many companies in the country under the President Bola Tinubu-led government.
Finance costs arise from borrowings made by organisations to hold assets or for the purpose of investments or building assets.
THIS STORY FIRST APPEARED IN SAHARA REPORTERS
