Unilever Nigeria Plc’s has declared a turnover and Profit after Tax of N32.28 billion and N1.094 billion respectively indicating an improvement across board.
The report, a result for period ended 30th of June 2016 shows 12% growth in turnover from N28.72 billion in H1 2015 to N32.28 billion in H1 2016.
Cost of sales soared by 16% to N22 billion for the period ended 30th June 2016 from N19 billion recorded in the corresponding period in 2015.
Net finance costs reduced by 54% to N0.67 billion for the six months ended June 30, 2016 compared to N1.47 billion reported for the corresponding period in 2015.
H1 2016 results show that net finance cost as a function of operating profit improved significantly to 31% (H1 2015: 94%), reflecting sustained improvements in cash management. Profit after tax for the full year increased by 1,178% from N86 million in H1 2015 to N1.09 billion in H1 2016.
In a statement released by the company, Unilever Nigeria assured shareholders of continued focus on key business drivers to ensure sustained growth in the company’s operations to improve returns on shareholder investments.
