Unilever Nigeria Declares N60.5bn Revenue in 2019

Unilever Nigeria has released its audited financial statements for the year ended 31 December 2019, as it announced a turnover of N60.5 billion in the year under review. The figure represents a decline compared to N92.89 billion recorded for the corresponding year, 2018.

The financial results show the company also recorded a loss after tax of N7.42 billion in 2019 relative to profit after tax of N10.55 billion recorded for the comparative year 2018.                                                  These results reflect challenging operating conditions but also the company’s decision to tighten credit terms to address exposure from trade receivables and excess stock in trade in order to better position the company for innovation and a return to competitive growth.                                       As a result, the company is also better placed to adjust to the prevailing operating circumstances now emerging in  commitment to supporting efforts to tackle the Coronavirus threat while keeping their 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 the heart of everything.