Unilever Nigeria Profit Drops by 53% in Q1 2020

• Unilever Nigeria Profit Drops by 53% in Q1 2020

Unilever Nigeria Plc reported a 53 percent declined in profit in the period ended March 31, 2020.

In the unaudited interim financial results, the company’s revenue for the quarter declined from N19.24 billion filed in the first quarter (Q1) of 2019 to N13.33 billion in Q1 2020.

Also, gross profit declined to N3.43 billion, down from N3.87 billion achieved in the corresponding period of 2019. Operating profit dropped more than 70 percent from N1.32 billion in Q1 2019 to N453.45 million in the quarter under review.

Accordingly, the company’s profit before tax declined by 53 percent from N2.03 billion in Q1 2019 to N948.47 million in Q1 2020. However, tax gains of N165.95 million boosted the quarter’s profit to N1.114 billion, down from profit after tax of N1.520 billion achieved in the same period of 2019.

Commenting on the results, Soromidayo George, the Corporate Affairs Director, Unilever Nigeria Plc, said: “that given the current uncertainty, the company would continue to monitor the business environment as well as focus on its strategy to deliver sustainable growth both in the medium and long term.”

George reaffirmed the company’s commitment to support government’s efforts at tackling COVID-19 while monitoring the nation’s fundamentals in order to better support its brands, serve customers and address their needs.

She, however, said the nation’s outlook remains attractive given the brand’s reach and perception of many years, adding that Unilever Nigeria will continue to innovate.

Earnings per share declined from 26 kobo posted in March 2019 to 19 kobo in Q1 2020.