Unilever Nigeria records N60.5 billion revenue in 2019

Unilever Nigeria has released its audited financial statement for the year ended 31 December 2019.

The audited financial statement shows a turnover of N60.5 billion in the year under review. The figure is a decline compared to N92.89 billion recorded for the corresponding year, 2018.

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.

Soromidayo George, Director, Corporate Affairs department of the company, said the company would continue to monitor the business environment as it tries to deliver sustainable growth both in the medium and long term.

She also said the company is committed in the fight against against Coronavirus which has left many economies and businesses alike on the brink of recession and bankruptcies.

She also reiterated that the company is 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 we do.