Business

Unilever reports N715m profit in HY’21

Unilever Nigeria Plc has posted N714.780 million profit after tax for the half year ended June 30, 2021, as against a loss after tax of N519.112 reported in 2020. Profit before tax stood at N830.402 million in contrast to a loss of N566.804 million posted in 2020. Revenue grew by 43 per cent to N39.150 billion in 2021 to N27.337 billion in 2020 while cost of sales was N29.275 billion in 2021 as against N21.181 billion in 2020. Unilever Nigeria Plc has recorded turnover of N19.4 billion in its unaudited interim report for the quarter ended 31st March 2021, (Q1’21) , representing a growth of 46 per cent from N13.3 billion recorded in the corresponding quarter of 2020, Q1’20.

In the results released to the Nigerian Exchange Group, NXG, the Company recorded a gross profit of N4.5billion for the Q1’21 which is 31 per cent up from N3.4billion reported for same corresponding period in 2020. Overall, Unilever recorded loss after tax of N.5 billion for the quarter under review, compared to profit after tax of N1.1 billion reported for the corresponding period in 2020.

Speaking on the results, the Corporate Affairs and Sustainable Business Director, ‘Soromidayo George, said that improved performance showed the determination and commitment of Unilever to continue to implement strategies that would enable it deliver value to its customers and shareholders. “Unilever Nigeria remains focused on its strat-egy to deliver sustainable growth, both in the medium and long-term. Amidst the prevailing operational challenges of the environment, Unilever Nigeria will continue to focus on its vision of making sustainable living commonplace by serving Nigerian consumers with the right products that improve their health and wellbeing,” George said.

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