Dipo Olowookere
By Dipo Olowookere
Manufacturer and marketer of home and personal care products, Unilever Nigeria Plc, did not have it good in the first half of 2019, results of the company’s performance revealed.
This resulted in the 38.6 percent decline in the post-tax profit of the firm, which stood at N3.5 billion in H1 2019 compared with N5.7 billion in H1 2018.
Likewise, the profit before tax suffered a reduction of 38.16 percent, staying at N4.7 billion as at June 30, 2019 in contrast to N7.6 billion as at June 30, 2018.
From the financial statements released by the company at the weekend, the revenue generated dropped to N42.7 billion from N48.1 billion, while the cost of sales reduced to N31.3 billion from N32.8 billion.
In addition, the gross profit went down to N11.4 billion from N15.3 billion, while the finance income mellowed down to N1.2 billion from N1.5 billion.
In the period under review, the selling and distribution expenses decreased to N1.9 billion from N2.1 billion, the marketing and administrative expenses were cut to N5.4 billion from N7 billion.
The finance costs reduced in the period under review to N357.3 million from N169.4 million, while the earnings per share declined to 61 kobo in H1 2019 from N1 in H1 2018.
