For the first quarter of 2017, Unilever Nigeria said its net profit rose to 1.6 billion compared to NGN1 billion reported within the same quarter in 2016.
On a year on year basis, gross revenue of the FMCG company rose to NGN22,1 billion versus NGN16,7 billion in the previous year.
Cost of sales seems to be a major problem for the company given the inflation regime in the economy. The company said its cost of sales for the period rose to NGN15,8 billion compared to NGN10,7 billion expended in the year before.
The weighting of this cost depleted its gross profit to NGN6,2 billion compared to NGN6,0 billion posted in the year before.
Total asset base of the company added about NGN1 billion to rise to NGN88,4 billion compared to NGN87.2 billion disclosed last year
Total liabilities at the end of the period rose to NGN75,2 billion compared to NGN60,8 billion disclosed last year.
Unilever Nigeria Plc is incorporated in Nigeria under the Companies and Allied Matters Act 1990 as a public limited liability company and is domiciled in Nigeria.
The Company’s shares are listed on the Nigerian Stock Exchange (NSE). The Company is principally involved in the manufacture and marketing of foods and food ingredients, and home and personal care products. It has manufacturing plants in Lagos and Agbara.