For the first half of 2024, Nestlé Ivory Coast’s net profit rose by 52.3% to around USD 20 million (FCFA 12.36 billion), compared with 13 million USD (FCFA 8.11 billion) last year. This performance marks a significant rebound for the company, which had recorded a 20.6% drop in net profit in 2023, as a result of pressure on local sales and exports. Nestlé Ivory Coast’s sales for this first half of 2024 amount to 191 million USD (116.44 billion FCFA), up 17.13% on the 163 million USD (99.4 billion FCFA) of the previous year. This growth is attributed to increased local sales and strong demand in export markets, particularly in the Sahel countries and Guinea, according to Richbourse report.
In 2023, the company had suffered the effects of rising raw material prices, which had limited sales growth. However, an improvement was noted from the second half of the year, a trend which continued into early 2024. Operating income rose to 34 million USD (FCFA 20.91 billion), an increase of 37.1% on the previous year. Income from ordinary activities also rose by 43.74%, to around 30 million USD (18.12 billion FCFA). Following the initial positive results for the second quarter of 2023, Nestlé Ivory Coast had forecast a turnaround for the second half of that year. Although sales and profit for the full year 2023 remained virtually stable compared with 2022, the company is optimistic that this positive momentum will continue into the latter part of 2024, despite the challenges that may lie ahead according to Richbourse report.
Since the beginning of 2024, however, the company share price has lost 3.93% of its value, as a result of the previous year’s disappointing results.
