Unilever Nigeria reports 172% growth in 2016 profit

Unilever

One of the major rivals to Nestle Nigeria PLC, Unilever Nigeria is reporting a better bottomline for the full year 2016.

As opposed to Nestle Nigeria that reported a disappointing 76% crash in full year profit, Unilever Nigeria turned in 172% growth in net profit for the full year 2016.

However, Unilever reported a total of NGN20.2 billion gross profit for fourth quarter 2016 compared to NGN21.0 recorded in the financial year 2015 which represents 3% fall on a year on year comparison.

The company ended the year in review with NGN69.7 billion revenue in contrast to NGN59.2 billion recorded same period 2015. its costs of sales for the year increased to NGN49.4 billion in contrast to NGN38.8 billion recorded in 2015.

Unilever recorded profit before taxation rose to NGN4.1 billion in contrast to NGN1.7 billion recorded in 2015. After deductions of tax , the books of the company were still green as its profit for the year increased by 172% to NGN3.0 billion from NGN1.1 billion recorded in the financial year  2015.

The company’s total asset total was NGN72.4 billion in 2016 compared to NGN50.1 billion acquired in 2015.

However, the recession which led to high cost of funds and high cost of sales has increased the company’s total liabilities to NGN60.8 billion in the year in review compared to NGN42.1 billion recorded in the previous year.

Unilever Nigeria posted operating profit of NGN5.8 billion for 2016 compared to NGN4.6 billion posted in the year before.

For more details on the report,click here

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