In its H1:2023 financial scorecard, NESTLE recorded a 17.68% improvement in topline to NGN261.77bn from NGN222.45bn in H1:2022. Higher revenue from the domestic market (+18.74%YoY), supported the firm’s performance, as export sales continued to decline for the fourth consecutive quarter (since Q3:2022). Given that export sales to the Ghanian market (which typically contributes c.80% to its export sales) was a major reason for the export sales decline witnessed in 2022, we do not rule out the possibility of that still being the case with the H1:2023 financial result as the country’s current economic situation. Also, we consider the possibility of a gradual reduction in production for export as logistics conditions remain challenging.
