Unilever third quarter results show progress resilience
Unilever Nigeria Plc’s results for the period ended 30th September 2016 showed continued growth and resilience. The company recorded turnover and profit after tax of N49.87 billion and N1.56 billion respectively, with improvements across board against prior year.
Consistent improvements in performance over the last four quarters demonstrate the company’s continued resilience under tough operating conditions.
The result shows 16.8 per cent topline growth from N42.69 billion turnover reported for the period ended September 30, 2015 to N49.87 billion recorded in the current year.
Cost of sales increased by 26.4 per cent to N35.17 billion for the period ended 30th September 2016 from N27.8 billion recorded in the corresponding period in 2015, while there was 11.7 percent reduction in marketing and administration expenses from N10.6 billion reported last year N9.3 billion for the corresponding period in 2016. The results include the impact of devaluation of the Naira Net finance costs reduced by 26 percent to N1.6 billion for the nine months ended September 30, 2016 compared to N2.1 billion reported for the corresponding period in 2015. The results show that net finance cost as a function of operating profit improved significantly to 51 percent (2015: 92 percent), reflecting improvements in cash management.
Profit after tax for the period ended September 30, 2016 increased significantly by 1,011 percent to N1.5 billion from N141 million reported in the corresponding period in 2015.