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Unilever records 1178% profit growth to N1bn in H1 2016

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Unilever Plc has announced N1 billion profit in half year (H1) unaudited interim financial statements for the period ended June 30, 2016.

The company, in a filing to the Nigerian Stock Exchange (NSE) said, its profit has significantly increased by 1178 per cent to N85.6 million recorded in H1 2015, attributed to increase in revenue and effective management of cost.

Revenue for the six months of 2016 increased by 12.4 per cent from N28.7 billion in H1 2015 to N32.3 billion in H1 2016 while finance cost dropped by 44 per cent to N894.9 million from N1.6 billion recorded in H1 2015.

Profit before tax also moved from N94 million to N1.5 billion in H1 2016.

Unilever Nigeria in a statement had assured shareholders of continued focus on key business drivers to ensure sustained growth in the company’s operations to improve returns on shareholder investments.

According to the statement, “Although the challenges in the operating environment are yet to abate, we have continued to see sustained momentum behind recent cost and operating efficiency initiatives taken by Management.

“We remain focused on driving cost & operating efficiencies, growing market share across key categories and reinvesting behind our core brands.”

The company within six months has grown its total assets by 21 per cent from N50.17 billion as at December 2015 to N60.6 billion as at June 30, 2016.

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