Unilever Nigeria has released its audited financial statements for the year ended 31 December 2019, as it declared a turnover of N60.5 billion in the year under review. This represents a decline compared to N92.89 billion recorded for the corresponding year, 2018.
The results show the company also recorded a loss after tax of N7.42 billion in 2019 relative to profit after tax of N10.55 billion recorded for the comparative year 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.
Director, Corporate Affairs department of the company, Soromidayo George, explained that given this current uncertainty, the organisation would continue to monitor the business environment as well as focus on its strategy to deliver sustainable growth both in the medium and long term.
According to her, 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 supporting 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 added that the company is confident of its prospects, 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.
Source: Nairametrics
