UNAUDITED REPORT released by Unilever Nigeria for the fourth quarter, ending December 2019, shows it recorded N9.13 billion revenue. This result, according to the company, was achieved under challenging trading conditions.
Unilever Nigeria, statement, said in quarter three, the company prioritised tightening of credit terms and minimised exposure on trade receivables. The result shows it recorded loss after tax of N4.76bn for quarter four, ending December 2019, relative to profit after tax of N2.14bn recorded for the same period, ending December 2018. Revenue of N9.13 billion was reduction in profit, compared to N21.67bn recorded for the same period in 2018.
“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.
“Unilever will continue to enhance productivity and position the company to harness existing market opportunities in order to satisfy consumer needs”, management said in the statement. It restated its resolve not to be deterred from the aim of strengthening the company for growth and profitability.
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.