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Unilever Nigeria Posts Net Profit Of N5.6bn In Q2



Leadership Nigeria News Today

Unilever Nigeria has given its shareholders reasons to cheer, going by the half-year financial results, showing a profit after tax of N5.599 billion for the period ended June 30, 2018.

The company’s results for the period under review showed profit- after- tax grew by 59.53 per cent to N5.599 billion from N3.509 billion, while earnings per share rose to N1 from 97 kobo in the corresponding period of 2017.

Revenue rose to N48.125 billion from N42.63 billion in the corresponding period of 2017, cost of sales jumped 11.75 per cent to N32.80 billion compared to N29.35 billion, resulting in gross profit of N15.32 billion, which was 15.41 per cent better than the prior half-year’s N13.28 billion.

Selling and distribution expense climbed 12.92 per cent up to N2.08 billion fromN1.85 billion, marketing and administrative expenses stood at N7.03 billion from N5.34 billion, as operating profit rose marginally to N6.21 billion from N6.09billion.

A further breakdown showed that in the six-month period, finance income rose to N1.51 billion from N354.4 million, while finance cost fell significantly from N1.63 billion to N169.42 million.

Total assets went up by 7.97 per cent to N130.73 billion as against N121.1 billion, while total liabilities stood at N51.97 billion from N45.18 billion in the corresponding period of 2017.

Recently, addressing shareholders at the annual yearly meeting held in Lagos, the chairman of the company, His Royal Majesty Nnaemeka Achebe, the Obi of Onitsha said that Unilever Nigeria has again demonstrated business resilience.

He stated that “we have remained focused on our short and long term growth ambitions with strong emphasis on operational intensity, cost efficiencies, growing market share across key categories as well as reinvesting in our iconic brands.”

Speaking further, Achebe said that as the economy continues to improve, Unilever was determined to ensure sustained and steady growth in the company’s operations to achieve improved returns on investments.