The unaudited financial statement of Unilever Nigeria Plc for the half year ended June 30, 2022, has been released which reveals a profit after tax of N1.906 billion for the half year, from N714.780 million the previous year, which indicates a 167% increase in profit.
According to the company, the profit was boosted by other income of N66.659 million arising from transitional service agreement income.
The company also explained that subsequent to the disposal of the Tea business in October 2021, Unilever entered into a Transitional Service Agreement with the new owner, Unilever Tea MSO Nigeria Limited.
The Agreement will be in place for a period of 15 months, during which time Unilever would provide production and sales support to Unilever Tea MSO Nigeria Limited in exchange for a fee.
There was also a 35.12% increase in revenue growth, which grew from N32,420 billion to N43,806 billion during the period under review reported in 2021, while the cost of sales rose by 22% to N29.605 billion in 2022 as against N24.204 billion.