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 period in 2022.
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 forex 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. This means the company’s liabilities now exceed its assets.
Nestle will also not be able to pay dividends based on the status of its shareholder’s funds.
