Lahore October 26 2024: Nestlé Pakistan’s profit dropped 51.6 percent during the third quarter to PKR 2.4 billion compared to PKR 4.8 billion last year, according to company filing to the exchange.
Company sales for the three-month period ended September 30, 2024, stand at PKR 41.5 billion, reflecting a decline in growth by 16.4 percent compared to the same period last year.
“This was primarily influenced by the implementation of taxes in the Finance Act, which were passed on to consumers leading to price hikes and subsequently reduced demand” states management.
“Additionally, challenges such as rising commodity and energy prices, as well as increased investment behind the brands, contributed to a decrease in operating profit” adds the statement.
The results were announced at the end of the Company’s Board of Directors’ meeting at its Head Office. The Company maintains a cautious outlook for the rest of the year while focusing on optimization across the value chain.
