Manufacturer and marketer of home and personal care products, Unilever Nigeria Plc, did not have it good in the first quarter of 2020, results of the company’s performance revealed.
- Revenue declined by -30.7% to N13.3bn from N19.2bn in the previous quarter.
- Profit before tax declined by 53.2% to N948m.
- Profit after tax declined by 26.8% to N1.1bn.
- Net Assets grew by 1.7% to N67.6bn from N66.5bn.
The Company recorded a turnover of N13.3 billion in the period under review. This represents a 46% increase compared to the previous quarter 4 2019 and a 30.7% decline compared to N19.2bn recorded for the corresponding period, Q1 2019.
Likewise, the result shows the company also recorded a profit after tax of N1.1bn for the period ended 31st March 2020 representing a 27% decline when compared to N1.5billion recorded for the period ended 31st March 2019.
In the period under review, Profit before tax declined by 53.2% to N948m.
However, the company’s net assets grew by 1.7% to N67.6bn from N66.5bn.
The company through its Corporate Affairs Director, Mrs. Soromidayo George, said that, however, ‘Unilever Nigeria remains focused on its strategy to deliver sustainable growth and will continue to monitor the business environment and remain dynamic in its response to challenges to operations and the economy, in the light of COVID-19 pandemic’.
The marketing and administrative expenses jumped to N2.3 billion from N1.5 billion as a result of an increase in brand and marketing (N800.7 million versus N383.2 million in Q1’19), rise in overheads (N1.3 billion from N656.0 million) and drop-in service fees (N215.2 million versus N478.7 million in Q1 2019).
Unilever Nigeria said it had an impairment loss on trade receivables of N49.2 million in the first quarter of this year as against N200.4 million in the first three months of 2019.