Unilever Nigeria records 34% decline in Revenue in 2019 Unaudited Result

Unilever Nigeria records 34% decline in Revenue in 2019 Unaudited Result

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Unilever Nigeria Plc published its Full-year (FY) 2019 earnings report indicating a loss of N4.22 billion vs N10.15 billion profit in the corresponding period of the previous year.

Key Highlights

  • Revenue declined by -34% to N60.76bn from N92.03bn in the previous quarter.
  • Loss before tax stood at -N8.32bn.
  • Loss after tax stood at -N4.22bn.
  • Net Assets also declined by -15.5% to N69.9bn from N82.8bn.

Also, there is a drastic slowdown in topline to settle at N60.76 billion against N92.03 billion recorded in FY 2018.

Unilever Nigeria records 34% decline in Revenue in 2019 Unaudited Result

Furthermore, Cost of sales (COGs) dipped to print N54.09 billion against N64.60 billion recorded in FY 2018, however, COS declined at a slower pace than topline, hence, we witnessed gross profit thin-out by 75.67% to record N6.672 billion vs N27.427 billion recorded in the corresponding period of 2018.

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Moving on, operating profit recorded a loss as the company could not make enough sales to cover the total operating expense. Finance income came in lower by 20.42% while finance cost spiked by 82.30%, consequently recording a loss before tax of N8.32 billion. The tax credit of N4.10 billion cushioned the loss for the period to N4.22 billion, 141.62% decline when juxtaposed to N10.15 billion profit recorded in FY 2018.

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The report indicates the continued struggle for Unilever to increase its sales in light of increased competition in the Fast Moving Consumer Goods (FMCG) sector.

Cover Image Credits: dotun55

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