By Modupe Gbadeyanka
Unilever Nigeria Plc has announced a profit after tax of N3 billion for the year ended December 31, 2016, from N1.1 billion it achieved in 2015.
This represents a profit growth of about 172 percent.
Unilever is a firm involved in the manufacture and marketing of foods and food ingredients, and home and personal care products.
One of its main rivals in Nigeria, Nestle Nigeria Plc, reported a loss of about 76 percent in the year under review.
According to its audited financial statements posted on the website of the Nigerian Stock Exchange (NSE), the company said it posted a profit before tax of N4.1 billion in 2016 compared with N1.7 billion it recorded in 2015.
During the period, a total of N1 billion was paid as tax to the government in contrast to N600 million it paid in 2015.
But despite the harsh economic environment it operated in during the period under review, Unilever reported a total of N69.7 billion as turnover compared with N59.2 billion recorded same period in 2015.
Unilever Nigeria Plc added that its costs of sales for the year increased to N49.4 billion against N38.8 billion recorded in 2015, while its total asset total was N72.4 billion in 2016 compared to N50.1 billion acquired in 2015.
Adedapo Adesanya