Unilever Nigeria grows sales by 12.5% in Q1

Unilever Nigeria grows sales by 12.5% in Q1

Unilever Nigeria Plc grew its sales by 12.5 per cent in the first quarter of this year to N16.78 billion.

Unaudited report and accounts for the first quarter ended March 31, this year showed that the company grew by 12.5 per cent from N14.9 billion in first quarter of last year to N16.78 billion in first quarter of this year. Cost of sales increased by 9.1 per cent to N10.7 billion for the period ended March 2016 from N9.8 billion recorded in the corresponding period in 2015. Net finance cost reduced by 35 per cent to N488 million for the three months ended March 31, 2016 compared to N757 million reported for the corresponding period in 2015.

The report showed that net finance cost as a function of operating profit improved significantly to 26 per cent as against 47 per cent in first quarter 2015, reflecting sustained improvements in cash management. Profit after tax for the period increased significantly by 76 per cent from N590 million in first quarter 2015 to N1.04 billion in first quarter 2016.

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

“Although the challenges in the operating environment are yet to ease, we have continued to see momentum behind recent initiatives taken by Management. We will continue to focus on driving cost efficiencies, growing market share across key categories and reinvesting behind our brands,” the company stated.

The management of the company said they were addressing the issue of finance costs through a number of initiatives and efforts are on-going to sustain the improvements coming through in first quarter.

Unilever Nigeria noted that the consistency in performance over the last two quarters demonstrates strong resilience and resolution to win despite the various economic challenges in the operating environment.

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