Nestle, BUA Foods, Nigerian Breweries Top League Of Income Tax Payers Among FMCG Companies
Nestle Nigeria, BUA Foods, and Nigeria Breweries were the top three FMCG companies in Nigeria that paid the highest income tax in the first quarter of 2023.
FMCG companies collectively paid approximately N33.92 billion in income tax during the first three months of 2023, marking a 3% increase compared to the same quarter the previous year 2022.
Nestle Nigeria reported the highest income tax payment of N8.96 billion, with a revenue increase of 16% compared to the corresponding quarter in 2022.
BUA Foods and Nigeria Breweries also featured in the top three, with BUA Foods experiencing a 2% drop in income tax and a 60% increase in revenue, while Nigeria Breweries witnessed a decline in both revenue and income tax. Unilever did not pay any income tax during the period.
According to data extracted from the Nigerian Exchange Group (BGX) shows Nestle Nigeria paid the income tax among Fast Moving Consumer Goods (FMCG) companies in the first quarter of 2023.
In total, FMCG companies paid around N33.92 billion in the first three months of 2023. This represents a 3% increase when compared to the corresponding quarter last year.
About nine FMCG goods were featured in the report of which the top three were Nestle Nigeria, BUA Foods and Nigeria Breweries.
According to the data, Nestle Nigeria paid N8.96 billion out of total revenue of N127.97 billion. It recorded an increase of 16% in revenue when compared to the corresponding quarter of 2022.
BUA Foods saw its income tax drop by 2% from the N8.86 billion it paid in the first three months of 2022 to the N8.66 billion it paid between January and March 2023. The firm’s revenue grew from an increase from N90.7 billion to N144.32 billion within the period- a 60% jump.
Nigerian Breweries witnessed a decline in both revenue and income tax paid in the first quarter of 2023. In the report, the company’s income tax dropped by 6% from 7.15 billion to N6.72. Its revenue also slid by 10.5% in the period when compared to the figures from the first quarter of last year.
Other firms that made the list are Dangote Sugar, International Breweries, Cadbury Nigeria, Nascon, Champion Breweries, and Unilever.
Dangote Sugar’s income tax rose by 21% to N5.73 billion for the period under review. Its revenue increased from N94.45 billion to N102.22 billion. The company also made a profit of N12.8 billion for the first three months of the year.
The income tax paid by International Breweries stood at N1.81 billion- an increase of 58% when compared to the N1.14 billion it paid for the same quarter last year.
Cadbury, Nascon and Champion’s Breweries’ income tax stood at N1.48 billion, N790 million and N40 million respectively.