Unilever Nigeria has released its unaudited report for the quarter ended December 2019. The Company recorded a N9.13 billion revenue in the period under review.
The results reflect challenging trading conditions and the Company’s decision in quarter three to prioritize tightening of credit terms and minimize exposures on trade receivables.
The result shows the Company also recorded loss after tax of N4.76bn for the quarter ended December 2019 relative to profit after tax of N2.14bn recorded for the quarter ended December 2018. The revenue of N9.13 billion was a reduction in profit compared to N21.67bn recorded for the corresponding period in 2018.
In a statement issued by the Company, the management restated their resolve not to be deterred from their aim of strengthening the Company for growth and profitability.
“We remain committed to our growth ambitions and retain a positive outlook for the business in the long term, focusing more effort on growing our brand portfolio across all our product categories to achieve sustainable and profitable growth,” the company said.
“Unilever will continue to enhance productivity and position the company to harness existing market opportunities in order to satisfy consumer needs”.
It would be recalled that Unilever Nigeria recently refocused its backward integration programme to drive its local content policies and empower more local farmers across Nigeria to engage and invest in producing raw material needed by the Company and continues to create jobs by empowering women and young people through its trade distribution network.