Corporate Results | |
Corporate Results | |
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Friday, January 24, 2020 / 3:39 PM / NSE / Header Image Credit: Unilever
Unilever
Nigeria Plc released its Q4 2019 results for the period ended
December 31st, 2019.
Key Highlights
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Nigeria Plc IR Page in
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Press Release from Unilever Nigeria Plc
Unilever Nigeria has released its unaudited report for the quarter ended
December 2019. The Company recorded a N9.13 billion revenue in the period under
review. The results reflect challenging trading conditions and
the Company's decision in quarter three to prioritize tightening of credit
terms and minimize exposures on trade receivables.
The
result shows the Company also recorded loss
after tax of N4.76bn for the quarter ended December 2019 relative to profit
after tax of N2.14bn recorded for the quarter ended December 2018. The revenue
of N9.13 billion was a reduction in profit compared to N21.67bn recorded for
the corresponding period in 2018.
In a statement issued by the Company, the management restated their
resolve not to be deterred from their aim of strengthening the Company for
growth and profitability. "We remain committed to
our growth ambitions and retain a positive outlook for the business in the long
term, focusing more effort on growing our brand portfolio across all our
product categories to achieve sustainable and profitable growth"
It was further stated that "Unilever will continue to enhance productivity and position the company to harness existing market opportunities in order to satisfy consumer needs". It would be recalled that Unilever Nigeria recently refocused its backward integration programme to drive its local content policies and empower more local farmers across Nigeria to engage and invest in producing raw material needed by the Company and continues to create jobs by empowering women and young people through its trade distribution network.
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.
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