The financial distress of Nestle Nigeria, the local subsidiary of the Swiss multinational Nestlé S.A., worsened last year as the company incurred N164.6 billion in net loss, more than twice the loss it reported a year earlier.
The company’s audited annual report released on Thursday showed impact of a foreign exchange volatility that hurt profit following a sharp devaluation of the naira, its reporting currency.
Revenue increased by 75.2 per cent to N958.8 billion, boosted by a…
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