Unilever Nigeria has announced a 24 percent quarter-on-quarter growth in profit after tax for the current financial year.
For the period ended June 30, 2019, post tax profit grew to N1.9 billion on a turnover of N23.43 billion.
The growth in quarter-on-quarter PAT was from N1.5 billion recorded in the first quarter of the year.
It also reported a growth of 18 percent in its turnover from N19.2 billion in Q1 2019 to N23.4 billion in Q2 2019, although the result shows a decline of 11% in its turnover from N48.1 billion in June 2018 to N42.6 billion in June 2019.
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Profit after tax from continuing operations dipped by 37% from N5.6 billion in June 2018 to N3.5 billion in June 2019 but the company reported an increase of 24% in profit after tax from a profit of N1.5 billion in Q1 2019 to a profit of N2 billion in Q2 2019.
Cost of sales decreased marginally by 4.5% from N32.8 billion in June 2018 to N31.3 billion in June 2019 in line with the decrease in turnover while cost of sales increased by 3.6% to N15.9 billion in Q2 2019 from N15.4 billion in Q1 2019 also in line with the marginal increase in Q2 turnover.
In a statement released by the company, Unilever Nigeria assured shareholders of its efforts to ensure a sustained and steady growth in the company’s operations engineered to achieve better returns on their investments.
“Although Unilever Nigeria continues to operate in a tough environment, we are now beginning to see momentum behind enhanced costs and operational efficiencies. Unilever Nigeria remains focused on its short- and long-term growth ambitions with clear emphasis on cost and operational efficiencies, increasing market share across key categories, reinvesting behind our iconic brands and improved route-to-market,” Yaw Nsarkoh, Unilever Nigeria managing director said.
He added that the strategic initiatives rest on the company’s global best practices, strong heritage as well as the professionalism of its people.