Unilever Nigeria released its results yesterday for the quarter ended June 2019 with a N23.42 billion turnover in Q2. The Company recorded a considerable leap in Q2 to record a 24% increase in its profit after tax which stood at N1.9 billion.
The company reported a growth of 18% in its turnover from N19.2 billion in Q1 2019 to N23.4 billion in Q2 2019, although the result shows a decline of 11% in its turnover from N48.1 billion in June 2018 to N42.6 billion in June 2019. Profit after tax from continuing operations dipped by 37% from N5.6 billion in June 2018 to N3.5 billion in June 2019 but the Company reported an increase of 24% in profit after tax from a profit of N1.5 billion in Q1 2019 to a profit of N2 billion in Q2 2019.
Cost of sales decreased marginally by 4.5% from N32.8 billion in June 2018 to N31.3 billion in June 2019 in line with the decrease in turnover while the cost of sales increased by 3.6% to N15.9 billion in Q2 2019 from N15.4 billion in Q1 2019 also in line with the marginal increase in Q2 turnover.
In a statement released by the company, Unilever Nigeria assured shareholders of its efforts to ensure sustained and steady growth in the company’s operations engineered to achieve better returns on their investments.
“Although Unilever Nigeria continues to operate in a tough environment, we are now beginning to see momentum behind enhanced costs and operational efficiencies. Unilever Nigeria remains focused on its short- and long-term growth ambitions with a clear emphasis on cost and operational efficiencies, increasing market share across key categories, reinvesting behind our iconic brands and improved route-to-market.” Said, the Managing Director, Unilever Nigeria, Yaw Nsarkoh.