Nestle Nigeria recorded an after-tax loss of N176.9 billion in the first half of 2024 driven by naira devaluation

MARKET NEWS — Nestle Nigeria Plc, one of the largest food and beverage companies in Nigeria, recorded an after-tax loss of N176.9 billion in the first half of 2024 driven by naira devaluation. The firm’s loss widened to N176.9 billion in the first half of 2024 from N49.9 billion in the same period of 2023. “The devaluation of naira led to the revaluation of our foreign currency obligations and had an adverse impact on the profit after tax resulting in a net loss of N176.9 billion for the first half of the year,” Nestle Nigeria said in a statement... businessday.ng