Unilever makes N1.09b profit

Unilever Nigeria Plc’s result for the period ended June 30, 2016 showed a turnover of N32.28 billion and profit after tax of N1.094.

Specifically, the company’s performance during the half year period showed 12 per cent growth in turnover from N28.72 billion in 2015to N32.28 billion in 2016.

Profit after tax for the period increased by 1,178 per cent from N86 million in H1 2015 to N1.09 billion in H1 2016.

The company’s cost of sales increased by 16 per cent to N22 billion from N19 billion recorded in the corresponding period in 2015.

Net finance costs dropped by 54 per cent to N0.67 billion for the six months ended June 30, 2016 compared to N1.47 billion achieved during the corresponding period in 2015.

The company explained that trading conditions remained difficult in the second quarter of 2016 with prevailing tight consumer wallets and rising costs.

“However, Unilever Nigeria has continued to optimize its planning capabilities and demonstrate resilience in navigating the difficult operating terrain. H1 performance has been delivered in the midst of multiple challenges including foreign exchange devaluation amongst others.

The firm assured shareholders of continued focus on key business drivers to ensure sustained growth in the company’s operations to improve returns on shareholder investments.

“Although the challenges in the operating environment are yet to abate, we have continued to see sustained momentum behind recent cost and operating efficiency initiatives taken by Management. We remain focused on driving cost & operating efficiencies, growing market share across key categories and reinvesting behind our core brands”, it added.