Unilever Net Profit hits N1.20bn  for the year ended 2015

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The Board of Directors and management of Unilever Nigeria Plc has released its results for the year ended 31st December 2015 with turnover and Profit after Tax o(PAT)f N59.2 billion and N1.19billion respectively.

According to the statement the company recorded a considerable leap in PAT from its N141million in Q3 2015 to close on the year with N1.19billion PAT.

The result shows 6.2% growth in turnover from N55.7 billion for the year ended December 2014 to N59.2 billion for the year ended December 2015.

Also the statement revealed that the company, Q4 results for the company show extraordinary recovery across major indices. Stand-alone results for Q4 reflect turnover growth of 36.3% in Q4 2015 (Q4 2014: N12.12 billion, Q4 2015:N16.52 billion)

Profit after tax for the full year dipped by 51% from N2.4 billion in 2014 to N1.19 billion in 2015. However, Q4 2015 standalone results show an increase of 78.3% in PAT (Q4 2014: N590 million, Q4 2015:N1.05 billion)

Similarly, cost of sales increased by 7.2% to N38 billion for the year ended December 2015 from N36 billion recorded in the corresponding period in 2014.

Net finance cost increased by 64.7%% from N1.74 billion for the year ended December 2014 to N2.87 billion for the year ended December 2015. Q4 results however show that net finance cost as a function of operating profit improved significantly to 31% (Q4 2014: 66%)

The statement further observed that although trading conditions remained difficult through the year, however, Unilever Nigeria continued to demonstrate resilience in tackling the growing drop in consumer’s purchasing pattern amidst other extraneous factors.

It also noted that Unilever Nigeria assured shareholders of continued efforts to ensure a sustained and steady growth in the company’s operations to achieve better returns on their investments.

“Although the operating environment remains challenging, we have continued to see momentum behind process improvements, costs and operational efficiencies.  We will continue to focus on driving cost efficiencies, increasing market share across key categories and reinvesting behind our core brands,” it said.

Management is equally addressing the issue of significant finance cost through a number of initiatives.


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