Now Reading:

UNILEVER declares N4.2bn Loss in 2019 Unaudited Result

Corporate Results	1256 VIEWS
Corporate Results
1256 VIEWS

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

Revenue declined by -34% to N60.76bn from N92.03bn in the previous quarter.

Loss before tax stood at -N8.32bn.

Loss after tax stood at -N4.22bn.

Net Assets also declined by -15.5% to N69.9bn from N82.8bn.

Visit Unilever Nigeria Plc IR Page in Proshare MARKETS

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.