Unilever Nigeria Rebounds from Losses, Posts N1.207 Billion Profit After Tax in H1 2021

Unilever Nigeria announced an impressive first half of the year performance across key metrics, according to the latest unaudited financial report released on Friday.

Revenue rose by 40.80 percent from N14.008 billion recorded in the first half (H1) 2020 to N19.724 billion in the first half of 2021.

Gross profit jumped by 97.8 percent to N5.399 billion in the period under review, up from N2.728 billion filed in the corresponding period of 2020.

The company grew operating profit from -N1.864 billion in H1 2020 to N587.855 million in H1 2021. Net finance income increased by 29.7 percent to N452.777 million, up from N349.157 million.

Net finance income for the period under review stood at N452.777 million, representing an increase of N29.7 percent from the N349.157 posted in the same period of 2020.

Profit before tax stood at N1.041 billion in the first half of 2021 from -N1.515 billion recorded in the first half of 2020.

Unilever Nigeria posts N100.139 million as minimum tax expense but received N266.283 million as tax credit. Bringing the total profit for the period under review to N1.207 billion, a huge increase when compared to -N1.633 billion recorded in the same period of last year when COVID-19 was at its peak.