Unilever Nigeria Records N60.5bn Revenue Loss

Unilever Nigeria has released its audited financial statements for the year ended December 31, 2019, with a N60.5bn revenue loss.  

According to the company, it recorded a turnover of N60.5 billion in the year under review against N92.89 billion recorded in 2018.

The company recorded a loss after tax of N7.42 billion against a profit after tax of N10.55 billion recorded in 2018.

According to the firm, the results reflected the challenging operating conditions, adding that the company’s decision to tighten credit terms to address exposure from trade receivables and excess stock in trade.

This also seeks to position the company for innovation and a return to competitive growth.

As a result, the company said it has been better placed to adjust to the prevailing operating circumstances now emerging in 2020.

The Corporate Affairs Director of Unilever, Soromidayo George, stated that given the current uncertainty, the organization would continue to monitor the business environment as well as focus on its strategy to deliver sustainable growth both in the medium and long term.

She said that the business acknowledged that 2019 was a challenging year for everyone, but also that there were measures taken to adjust those challenges.

She reaffirmed Unilever Nigeria’s commitment to supporting efforts to tackle the Coronavirus threat while keeping eyes on the fundamentals of the business, supporting its brands, ensuring the integrity of the route-to-market model, and putting consumers and their needs at its heart.

George added that she was optimistic and confident about the prospects of the company, based on its legacy of growth and strong brands over the years.