Unilever PLC, an arch-rival to Nestle PLC has reported a very positive result. In its Q3 results, Unilever PLC said its gross revenue rose to NGN17,3 billion.
In spite of serious Forex crisis faced by the company in getting raw materials, the result showed a significant improvement across key benchmarks.
Last year, the company reported NGN13,9 billion in gross revenue. However, Unilever PLC, just like any of its peers in the production and FMCG sector has been badly hit by the rising inflation and cost of doing business.
Within the quarter, Unilever PLC said its cost of sales rose to NGN13,2 billion versus NGN8,2 billion expended last year.
The company has not announced any job cuts so far. The reduction in its marketing and administrative expenses to NGN2,6 billion from NGN3,6 billion expended last year showed that the company has reduced its marketing and advertising spend.
The main positive in the result is the increase in its net profit to NGN388 million from NGN55 million last year.
Total asset for the period has increased to NGN73 billion from NGN50 billion last year. With a huge increase in its borrowing and payables, Unilever’s liabilities has increased to NGN62 billion from NGN42 billion last year.
