Despite the prevailing headwind impacting the operating environment, Nestle Nigeria Plc (NESTLE) continues to deliver impressive performance. In 9M:2022, NESTLE’s topline expanded by 27.28% YoY to NG333.47bn, representing the highest 9M revenue on record. The improvement was broad-based, as the food and beverage segments recorded significant expansion. We attribute this to the increase in domestic demand despite the price increases effected by the company since the start of the year and customers’ sustained preference for the company’s product.
At the end of 9M:2022, CADBURY’s performance surpassed the corresponding period in 2021, despite the challenging operating environment. On a cumulative, revenue expanded by 41.58% YoY to settle at NGN42.54% in 9M:2022. The improvement in domestic and export sales fueled the aggregate topline advancement. The firm’s performance during this period heralds a positive outlook for the rest of the year.
UNILEVER performed impressively in 9M:2022, delivering a topline growth of 30.39% YoY, to NGN64.77bn from NGN49.67bn in 9M:2021. The company profited from a marked improvement in domestic (+29.22% YoY) and export sales (+212.10% YoY), as well as an upward review of prices at the start of the year. As a result, its food and home & personal care product segment recorded notable improvement, expanding by +43.16% YoY and +20.71% YoY, respectively.
UACN recorded a significant increase of 9.02% YoY in its 9M:2022 revenue to NGN77.80bn from NGN71.37mn in 9M:2021. The growth was fueled by price increases to offset rising raw material costs, retail expansion through opening new stores, improved route to market and introduction of new products. As a result, all business segments recorded sales growth, including the animal feeds and other edibles (+6.36% YoY), paints (+28.09% YoY), quick service restaurant (+33.74% YoY), and Packaged Food segment (+2.11% YoY).
Earnings Update – NESTLE – CADBURY – UACN – UNILEVER – 9M-2022
