The food giant Nestlé closed 2023 with revenues of 93 billion Swiss francs, down 1.5% on 2022 due to a negative impact of exchange rates of 7.8% and net disinvestments of 0.9%.
Organic growth, we read in a note, was 7.2%, thanks to a 7.5% increase in prices which compensated for a decrease in real internal growth (RIG) of 0.3%.
Net profit grew by 20.9% to 11.2 billion francs while the dividend increased by 5 cents to 3 francs per share.
For 2024, Nestlé expects organic sales growth of around 4% and a moderate increase in underlying operating profit margin.
Underlying earnings per share at constant exchange rates are expected to increase between 6% and 10%.
The medium-term objectives for 2025 are fully confirmed.
"Unprecedented inflation over the last two years has increased pressure on many consumers and has had an impact on demand for food and drink products. In this difficult context, we have achieved strong organic growth and solid improving margins with increased marketing and other investments for growth. Our free cash flow generation is back to historic levels," commented CEO Mark Schneider.
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