According to data extracted from the Nigerian Exchange Group (BGX), Nestle Nigeria paid the highest 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.
Key takeaways:
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.
