Unilever Nigeria Posts 1,011% Profit Growth in Q3

Unilever Nigeria Plc has recorded a turnover of N49.87 billion, a 16.8% growth from N42.69 billion reported in the period of 2015 while profit after tax increased significantly by 1,011% to N1.56 billion from N141 million.

The result for the nine months period ended 30th September 2016 showed that cost of sales surged by 26.4% to N35.17 billion from N27.8 billion while there was 11.7% reduction in marketing and administration expenses from N10.6 billion to N9.3 billion. The results include the impact of devaluation of the Naira.

In a statement, Unilever Nigeria said “The operating environment appeared even more turbulent as trading conditions remained difficult in the third quarter of 2016 amidst rising costs, increase in interest rates, foreign exchange illiquidity and pressure on consumers’ disposable income.

“However, we have continued to navigate the challenging operating terrain through dynamic planning and optimsation of resources.”

Net finance costs reduced by 26% to N1.6 billion compared to N2.1 billion in 2015. The results showed that net finance cost as a function of operating profit improved significantly to 51% (2015: 92%), reflecting improvements in cash management.

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