Unilever Nigeria reports annual loss are revenues plunge 34% to US$155.4m

NIGERIA – Unilever Nigeria has released its audited financial statements for the year ended 31 December 2019, as it declared a turnover of N60.5 billion (US$155.4m) in the year under review. This represents a decline compared to N92.89 billion (US$238.6m) recorded for the corresponding year, 2018.

The results show the company also recorded a loss after tax of N7.42 billion (US$19.06m) in 2019 relative to profit after tax of N10.55 billion (US$27.1m) recorded for the comparative year 2018, reflecting challenging operating conditions.

During the year, the company further tightened its credit terms to address exposure from trade receivables and excess stock in trade in order to better position the company for innovation and a return to competitive growth.

As a result, the company said that it is better placed to adjust to the prevailing operating circumstances now emerging in 2020.

Director, Corporate Affairs department of the company, Soromidayo George, explained that given this current uncertainty, the organisation 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.

According to her, the business acknowledged that 2019 was a challenging year for everyone, but also that there were measures taken to adjust those challenge

She reaffirmed Unilever Nigeria’s commitment to supporting efforts to tackle the Coronavirus threat while keeping their eyes on the fundamentals of the business, supporting its brands, ensuring the integrity of the route-to-market model, and putting consumers and their needs at the heart of everything they do.

The company is confident of its prospects, based on the legacy of growth and strong Unilever brands, which have over the years satisfied consumers’ needs and will continue to do so innovatively.

Continuing with its operation, the consumer goods firm has announced that it would observe its closed period from Wednesday 1 April 2020 until Monday 20 April 2020, in respect of its first-quarter financial statements.

The announcement is in line with NSE’s regulations which state that, “The period of closure shall be effective from fifteen (15) days prior to the date of any meeting of the Board of Directors proposed to be held to consider any of the matters referred to above or the date of circulation of agenda papers pertaining to any of the matters referred to above, whichever is earlier, up to twenty-four hours after the price-sensitive information is submitted to the Exchange.”

“The trading window shall thereafter be opened. Every issuer shall notify the Exchange in advance of the commencement of each closed period.”

The close period will allow the board to consider the company’s unaudited financial statements for the first quarter. Other company issues will also be discussed during the meeting of the Board of Directors.

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