Unilever Nigeria posts 96% growth in profit for Q2

Unilever Nigeria posts 96% growth in profit for Q2

Unilever Nigeria Plc is reporting 96% increase in profit to NGN2.0 billion in contrast to NGN52.1 million reported in 2016.

Gross revenue rose to NGN22.9 billion for the half year 2017 compared to NGN15.4 billion recorded same period financial year 2016. Costs of sales was up at NGN15.3 billion against NGN11.1 billion in 2016 leaving its gross profit higher at NGN7.3 billion against NGN4.6 billion posted in the previous year.

The company said its marketing and administrative expenses lowered to NGN2.9 billion against from NGN3.3 billion recorded in the year before while its operating profit jumped to NGN3.6 billion in q2 2017 from NGN253.4 million reported in 2016.

Profit before tax increased by 4.1 percent to NGN2.8 billion from NGN67.9 billion recorded in the fiscal year 2016 while the tax for the period increased accordingly.

Total asset for the period was NGN90.6 billion assets in Q2 2017 against NGN76.4 billion reported in 2016 while its total liabilities increased to NGN75.7 billion from NGN60.8 billion posted in 2016.

Company Information

Unilever Nigeria Plc. is engaged in the manufacture and marketing of foods and food ingredients, and home and personal care products. The Company’s segments are Food Products, Home Care and Personal Care products. Its Foods Products segment includes sale of tea, savory and spreads. The Company’s Home Care segment includes sale of fabric care, household cleaning and water purification products.

The international brands include Close-Up toothpaste, Pepsodent toothpaste, LUX beauty soap, Lifebuoy soap, Rexona, Vaseline lotion and Vaseline Petroleum Jelly in the Personal Care Unit of the business; Blue Band Margarine, Lipton Yellow Label Tea and Knorr bouillon cubes in the Foods Unit; and OMO Multi-Active Detergent, Sunlight washing powder and Sunlight Dish washing liquid in the Home Care Unit. Other Regional and local jewels include the Pears Baby Products range and Royco bouillon cubes. The Company has manufacturing sites in Oregun, Lagos State and Agbara, Ogun State.