In from Ali Smart . . .
Unilever Nigeria results for the quarter ended September 2015 with a N13.97 billion turnover in Q3. The Company recorded a considerable leap from its losing position in Q2 to record a 111% increase in its profit after tax which stood at N55million.
Although the result shows a decline of 2.1% in its turnover from N43.6 billion in September 2014 to N42.6 billion in September 2015; the company reported a growth of 1.2% in its turnover from N13.81 billion in Q2 2015 to N13.97 billion in Q3 2015. Profit after tax dipped by 92% from N1.8 billion in September 2014 to N141 million in September 2015 but the Company reported an increase of 111% in profit after tax from a loss of (N505m) in Q2 2015 to a profit of N55m in Q3 2015.
Cost of sales increased marginally by 3.6% in September 2015 to N27.8 billion compared to N26.8 billion recorded in the corresponding period in 2014 while cost of sales improved by 2.8% from N9.12 billion in Q2 2015 to N8.8 billion in Q3 2015.
Other income grew by 1340% from N5 million in 2014 to N76 million in 2015. Net finance costs increased by 98% from N1.09 billion in September 2014 to N2.16 billion in September 2015. This however reduced by 0.9% from N716million in Q2 to N696 million in Q3 2015.
With the result, Unilever Nigeria has shown some resilience in tackling the growing drop in the purchasing pattern of consumers amidst other extraneous factors, a situation that has led to an increased reduction in profit for most companies in Nigeria.
In a statement signed on behalf of the company by its Corporate Affairs Director, Mrs. Soromidayo George, the company 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,” she said.
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