Unilever Nigeria Plc announces 40% decrease in revenue for Q2 2020

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Unilever Nigeria Plc announced a 40% drop in revenue last quarter – totalling ₦14 billion, compared with ₦23 billion in Q2 2019. The decrease in revenue was due to a reduction in sales generated from Unilever’s two major categories of products—food products and home & personal care.

This was announced at the 95th Annual General Meeting of the Company, which was held by proxy due to the movement and social restrictions imposed by the Coronavirus pandemic.  

Highlights

  • Revenue declined by -35.9% to N27bn from N43bn in the previous quarter.
  • Loss before tax stood at N567m.
  • Loss after tax stood at N519m.
  • Net Assets declined by -0.8% from N66bn to N66.5bn.

The company also reported a 3333% increase in impairment loss on trade receivables – a theme seen across many businesses this year.

According to the Chairman of the Board, His Royal Majesty, Nnaemeka Achebe, 

“Although we are not declaring dividend for FY 2019, we are optimistic because our results show that we made progress in some other critical areas of our operations which speaks to the fact that we are on the right path to growing our business for profitability and better returns on investment for our shareholders.

Therefore, the task before the Board and Management is to drive our strategic objectives that would not only keep the business afloat but also ensure it operates efficiently,” Achebe said.  

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The popular consumer brand is behind several popular products like Close-Up toothpaste, Pepsodent toothpaste, LUX beauty soap, Lifebuoy soap, Rexona, Vaseline lotion and Vaseline Petroleum Jelly, OMO Multi-Active Detergent, Sunlight washing powder, Sunlight washing bar soap and Sunlight Dishwashing liquid, Pears Baby Product ranges among others. 

Food products segment include Lipton Yellow Label Tea, Knorr bouillon cubes in the Foods Unit, Royco bouillon cubes, etc. 

The company had, in 2018, sold off its Spreads business which includes the household name brand Blue band Margarine. 

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Unilever Nigeria Plc announces 40% decrease in revenue for Q2 2020 - Brand SpurUnilever Nigeria Plc announces 40% decrease in revenue for Q2 2020 - Brand Spur
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