Unilever Q3 Results Show Growth

• Unilever Q3 Results Show Growth

The results of Unilever Nigeria Plc for the year ended 30th September 2016 showed resilient growth.

The company recorded turnover and profit after tax of N49.87 billion and N1.56 billion respectively, an improvements against the past year.

The consistent improvements in performance over the last four quarters demonstrate the company’s continued resilience under tough operating conditions.

The result shows 16.8% topline growth from N42.69 billion turnover reported for the period ended 30th September, 2015 to N49.87 billion recorded for the period ended 30th September,2016.

Cost of sales increased by 26.4% 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% reduction in marketing and administration expenses from N10.6 billion reported for the period ended 30th September 2015 to 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% 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 showed that net finance cost as a function of operating profit improved significantly to 51% (2015: 92%), reflecting improvements in cash management.

Profit after tax for the period ended 30th September, 2016 increased significantly by 1,011% to N1.5 billion from N141 million reported in the corresponding period in 2015.