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UNILEVER Declares N7.4bn Loss in 2019 Audited Results (SP:N10.50k)

Corporate Results	1246 VIEWS
Corporate Results
1246 VIEWS

Tuesday, March 31, 2020 / 12:18 PM / By NSE / Header Image Credit: Unilever-ewa

Unilever Nigeria Plc released its 2019 Audited results for the period ended December 31st, 2019.

Key Highlights

Revenue declined by -34.9% to N60.5bn from N92.9bn in the previous quarter.

Loss before tax stood at N10.1bn.

Loss after tax stood at N7.4bn.

Net Assets declined by -19.6% to N66.5bn from N82.8bn.

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2019 Audited Report: Unilever Nigeria records N60.5billion Revenue ...restates commitment to achieve competitive growth in 2020

Unilever Nigeria has released its audited financial statements for the year ended 31 December 2019. The Company recorded Turnover of N60.5 billion in the year under review. This represents a decline compared to N92.89bn recorded for the corresponding year, 2018.

The results show the company also recorded a loss after tax of N7.42bn for the year ended 31 December 2019 relative to profit after tax of N10.55bn recorded for the comparative year 31 December 2018.

These results reflect challenging operating conditions but also the company's decision to tighten credit terms to address exposure from trade receivables and excess stock in trade in order to better position the company for innovation and a return to competitive growth. As a result, the Company is also better placed to adjust to the prevailing operating circumstances now emerging in 2020. The Corporate Affairs Director, 'Soromidayo George stated that given this current uncertainty, the organisation will continue to monitor the business environment as well as focus on its strategy to deliver sustainable growth both in the medium and long term.

The Corporate Affairs Director noted that the business acknowledged that 2019 was a challenging year for everyone, but also that there were measures taken to adjust those challenges. She reaffirmed Unilever Nigeria's commitment to support efforts to tackle the Coronavirus threat while keeping their eyes on the fundamentals of the business, supporting its brands, ensuring the integrity of the route-to-market model, and putting consumers and their needs at the heart of everything we do.

In her statement she, also, said that they were confident of the prospects of the company, based on the legacy of growth and strong Unilever brands which have over the years satisfied consumers' needs, and will continue to do so innovatively.