…assures shareholders of steady expansion
Unilever Nigeria Plc recently released its results for the three month period ended 31 March, 2016 with turnover and Profit after Tax (PAT) of N16.8 billion and N1.04billion respectively.
The Company grew its PAT by 76.4 percent from N590.45 million recorded in the same period of 2015 to close the first quarter of 2016 with PAT of N1.04 billion.
Despite difficult trading conditions, Unilever Nigeria continued to demonstrate resilience in tackling the growing drop in consumer’s purchasing pattern amidst other extraneous factors, as turnover grew by 13 percent from N14.9 billion recorded in Q1 2015 to N16.8 billion in Q1 2016.
Cost of sales increased by 9 percent to N10.75 billion for the first quarter ended 31st March 2016 from N9.85 billion recorded in the corresponding period in 2015, while Profit before tax also increased by 64 percent to N1.42 billion from N864.7 million.
In a statement released by the company, Unilever Nigeria assured shareholders of continued efforts to ensure a sustained and steady growth in the company’s operations to achieve better returns on their investments.
The company which has been operating in the country since the 80s, had earlier stated it’s concluded plans to expand its business base in the country, even with the prevailing economic challenges.
“As a company, we are committed to the growth and development of Nigeria and we will continue to do our best to support the various initiatives of government, while stepping up our capital investment in Nigeria
Although the operating environment remains challenging, we have continued to see momentum behind process improvements, costs and operational efficiencies. We will continue to focus on driving cost efficiencies, increasing market share across key categories and reinvesting behind our core brands”.
Management of Unilever has also said it is equally addressing the issue of finance costs through a number of initiatives and efforts are on-going to sustain the improvements coming through in Q1.