Unilever Nigeria Plc has released its unaudited financial statement for the half year ended 30 June 2022. According to the unaudited financial statement, the manufacturing firm reported a profit after tax of N1.906 billion for the half year; from N714.780 million the previous year, representing a growth of 167%. Other income of N66.659 million arising from transitional service agreement income boosted the profit.
According to the company, after the disposal of the Tea business in October 2021; Unilever entered a Transitional Service Agreement with the new owner, Unilever Tea MSO Nigeria Limited. The Agreement will be in place for 15 months during which Unilever would provide production; and sales support to Unilever Tea MSO Nigeria Limited in exchange for a fee.
Revenue grew by 35.12% to N43,806 billion during the period under review, from N32,420 billion reported in 2021. However, the cost of sales rose by 22% to N29.605 billion in 2022 as against N24.204 billion.
The company finished 2021 year ended December 31 with a profit for the year of N3.409 billion as against a loss of N3.965 billion recorded in 2020. Revenue grew to N73.523 billion from N52.211 billion, a growth of 35.07% from the previous year. Cost of sales stood at N50.161 billion in 2021 in contrast to N41.136 recorded a year earlier.