Unilever Nigeria Plc records N69bn turnover, increases profit by 158%

Unilever Nigeria Plc in its audited results for the year ended 31 December, 2016 recorded  N69 billion turnover, just as the Company’s Profit after Tax leap from N1.19 billion in 2015 to close the year 2016 with a profit of N3.07 billion.

Unilever 2016 full year result, released to the Nigerian Stock Exchange (NSE) showed a sustained growth and resilience even under depressed economic conditions, with a 17.8 per cent increase in turnover from N59 billion in December 2015 to N69 billion in December 2016.

Cost of sales increased by 29.6 per cent from N38 billion to N49 billion in the review year, reflecting rising costs particularly raw material costs that were significantly exposed to foreign currency volatility.

However, the cost of sales reflects an exchange revaluation loss of N1.7 billion in 2016.  Marketing and administrative expenses reduced by 16 per cent from N13.1 billion in 2015 to N11.6 billion in 2016 while other income grew by 60 per cent to N124 million from N77.5 million in 2015

Further analysis indicated that the company’s net finance costs reduced by 40 per cent to N1.7 billion compared to N2.8 billion reported in 2015.

In a statement released by the company, Unilever Nigeria assured shareholders of its efforts to ensure a sustained and steady growth in the company’s operations to achieve better returns on their investments.

“Although Unilever Nigeria has not been insulated from the tough economic environment, we have remained focused on our short and long term growth ambitions with clear emphasis on operational intensity, cost efficiencies and growing market share across key categories”.