Unilever reports N2.67bn profit in three months

Adebayo Obajemu

Unilever Nigeria Plc on Friday published its Full Year report for the year ended 31 December 2020 on the website of the Nigerian Stock Exchange.

The firm reported a turnover of N61.572 billion, up by 1.34% year on year from N60.758 billion turnover reported in 2019.

The firm declared a loss after tax of N1.59 billion for the period under review. It was actually an improvement over the loss of N4.22 billion reported in 2019.

Earnings per share (EPS) of the firm stands at –N0.28 as against the EPS of –N0.74 reported in 2019.

On quarterly basis, there is improvement in the earnings of Unilever Nigeria Plc. In the Income Statement of the firm for the three months ended, 31 December, 2020, Unilever reported a turnover of N16.84 billion, up by 84.44% from N9.13 billion turnover in 2019. Profit before tax for the 3 months period improved significantly to N800.13 million as against the loss of N8.97 billion previously reported. Profit after tax for the three months in the last quarter of 2020 was N468.498 million as against the loss of N4.76 billion previously reported.

No dividend was declared by the company to shareholders for the year 2020.

Commenting on the impact of COVID-19 pandemic, the company in the notes to its financial statement stated thus:

“COVID-19 is an evolving situation, the company is monitoring closely any material impact to the going concern of the business. Our priority is to protect the health, safety and welfare of our employees, customers, and partners, as well as support the Government and its agencies as they work to reduce the impact of the outbreak. At this stage, the company is unable to reliably estimate the future impact of COVID-19, given the lack of an indication of a possible end date of the pandemic or on how long it would continue to impact the Nigerian economy. However, the company is constantly monitoring the situation through its instituted Incident Management Team (IMT) saddled with the responsibility to constantly access developing events, mitigate as much as possible negative impact and steer the organisation towards adapting to current realities

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