Unilever reports N2.67bn profit in three months

Adebayo Obajemu

Unilever Nigeria Plc has posted a turnover of N60.5 billion for the financial year ended December 2019, securing 34.9% lower than the N92.89 billion recorded in the year ended December 2018.

Note that the N60.5 billion revenue in the year under review is a depressing decline compared to N92.89 billion recorded in the year ended December 2018.

Profit after tax equally declined from N10.55 billion recorded in 2018, to N7.42 billion for FY2019.

These statistics were 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.

In his explanation for the poor result, the Chairman of the Board, His Royal Majesty, Nnaemeka Achebe, said the results has gravely reflected challenging conditions in which the company has had to operate, as well as the company’s decision to tighten credit terms to address exposure from trade receivables and excess stock in trade to better position the company.

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