Unilever Nigeria PLC has just released its Q2 and half year 2016 results showing the company bounced back from a NGN504 million net loss last year to NGN52 million net profit for the second quarter this year.
The company’s gross revenue grew from NGN15,4 billion compared to NGN13,8 billion recorded last year within the same quarter.
However, the company’s cost of sales rose by 22% when compared to its expenditure for last year to NGN11,1 billion versus NGN9,1 billion for the same period last year.
For its six months financials, Unilever gross sales rose by about 11% to NGN32,2 billion compared to NGN28,7 billion made last year. This perhaps shows that the company is doing better in spite of the harsh economic climate this year.
Within the first half of the year, Unilever has spent about NGN1,5 billion compared NGN1,2 billion on marketing and sales activities. With a serious dip in business activities, it is unclear whether the company’s budget took a hit due to higher inflation for the first half of the year.
The company is also in a better shape as its net profit for the quarter rose to NGN1,0 billion compared to NGN85,5 million record last year.
The company’s asset grew by 21% to NGN60,6 billion compared to NGN50,1 billion for last year. However, Unilever’s total liabilities seems very for a manufacturing company with large assets. Total liabilities rose by 23% to NGN51,7 for 2016 half year compared to NGN42,1 billion for last year.
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