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Unilever Nigeria increases post tax profit by 1,011 percent in Q3

Unilever Nigeria Plc results for the period ended 30th September 2016 released on the floor of the Nigerian Stock Exchange has shown Profit after tax  increased by 1,011 percent to N1.5 billion from N141 million reported in the corresponding period in 2015.

Unilever’s revenue for the period stood at N49.87 billion, representing a 16.8 percent increase from N42.69 billion  reported in the same period of 2015.

Cost of sales for the reviewed period however increased by 26.4 percent to N35.17 billion from N27.8 billion recorded in 2015 while marketing and administration expenses reduced 11.7 percent from N10.6 billion to N9.3 billion in 2016. The results include the impact of devaluation of the Naira.

Net finance costs reduced by 26 percent to N1.6 billion compared to N2.1 billion recorded for 2015 reflecting improvements in cash management. Total assets of the company stood at N73.3 billion, 46.1 percent higher than N50.2 billion recorded as at December 2015

In a statement released by the company, Unilever Nigeria said ‘The operating environment appeared even more turbulent as trading conditions remained difficult in the third quarter of 2016 amidst rising costs, increase in interest rates, foreign exchange illiquidity and pressure on consumers’ disposable income.

However, we have continued to navigate the challenging operating terrain through dynamic planning and optimization of resources.”

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