Business
Unilever suffers N165.41m loss as export revenue declines
Unilever Plc recorded loss in operation during the first quarter of 2021 despite revenue rising within January and March this year. The loss was also reported in earnings after tax.
In its financials for the first quarter 2021, Unilever revenue rose to N19.42 billion within a space of three months, against the N13.32 billion generated during the corresponding period of 2020.
Profit grossed by the manufacturer rose as well, as the company recorded N4.47 billion in Q1 this year, surpassing the N3.42 billion Unilever recorded during the same period in 2020.
During the period under review, cost of sales had skyrocketed, hitting N14.95 billion, rising past the N9.90 billion Unilever spent on its production last year Q1, while selling and distribution expenses was N838.18 million in Q1 2021, settling above the N617.70 million of 2020.
READ ALSO: Unilever sets timeframe for standalone tea business to compete against Nestea, others
This rise impacted on the earnings of the company, as Unilever recorded an operating loss of N165.41 million between January to March this year. It also had N110.09 million loss before tax.
In the company’s financial statement, Unilever’s after tax earnings suffered loss of N491.99 million in the first quarter of 2021.
Ripples Nigeria gathered that the losses were in food products and home & personal care products. Also, while its domestic revenue increase, earnings from exported products declined significantly.
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