Nestle Nigeria Plc has released its Q3 2024 unaudited results, reporting a standalone loss per share of ₦9.28, compared to an earnings per share of ₦8.72 in Q3 2023.

The company’s revenue grew by 91.6% year-on-year, driven by significant growth in Food (+85.7% y/y) and Beverages (+102.8% y/y) segments.

However, gross margin narrowed to 30.6% due to significant cost pressures (+118.7% y/y), while EBITDA and EBIT margins declined.

Net finance costs surged 176.1% year-on-year to ₦50.62 billion.

The company reported a pre-tax loss of ₦2.86 billion and a loss after tax of ₦7.36 billion.

Analysts note that despite strong revenue growth, persistent cost pressures and FX challenges continue to weigh on Nestle Nigeria’s earnings.