Unilever makes N1.09bn profit

Daily Trust - - BUSINESS - From Sun­day Michael Ogwu, La­gos

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.”

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