Unilever makes N1.09bn profit
The result of Unilever Nigeria Plc for the period ended June 30, 2016, showed a turnover of N32.28bn and profit after tax of N1.094bn.
The company’s performance during the half year period showed 12 per cent growth in turnover, from N28.72bn in 2015 to N32.28bn in 2016.
Profit after tax for the period increased by 1,178 per cent from N86m in H1 2015 to N1.09bn in H1 2016.
The company’s cost of sales increased by 16 per cent to N22bn from N19bn recorded in the corresponding period in 2015.
Net finance costs dropped by 54 per cent to N0.67bn for the six months ended June 30, 2016, compared with N1.47bn achieved during the corresponding period in 2015.
The company said that despite trading conditions remaining difficult in the second quarter of 2016 with prevailing tight consumer wallets and rising costs, Unilever Nigeria has continued to optimise its planning capabilities and demonstrated resilience in navigating the difficult operating terrain.
“Although the challenges in the operating environment are yet to abate, we have continued to see sustained momentum behind recent cost and operating efficiency initiatives taken by Management,” it said.
“We remain focused on driving cost and operating efficiencies, growing market share across key categories and reinvesting behind our core brands.”