Unilever Nigeria Plc records robust top-line growth as strategic operational performance helped cut losses by 53% to N4bn

Charles Abuede

Unilever Nigeria Plc, a leading personal care and consumer goods company in Nigeria has announced in the audited full-year 2020 results that it has been able to reduce its loss after tax by 53 per cent year on year to N4.0 billion in 2020 from N7.4 billion reported in the prior year 2019. The loss was motivated by the robust top-line growth and strong operating performance which permeated down to the operational level of the company.

Unilever Nigeria Plc, in its audited report for the year ended 31st December 2020 and filed to the local bourse recorded a turnover of N61.9 billion in the year under review which represents 2 per cent top-line growth compared to N60.4 billion turnover recorded in the corresponding year in 2019. This was largely driven by the year on year growth in its food products and slightly offset by about 6 per cent revenue drop in the home and personal care segments.

Soromidayo George, the company’s Corporate Affairs and Sustainable Business Director, while speaking on the results, stated that: “Even though 2020 was a year of significant disruptions and volatilities impacting the operating environment, Unilever Nigeria continues to build its resilience to navigate the impact of headwinds. The company remains focused on its strategy to deliver sustainable growth both in the medium and long-term riding on the pillars of operational efficiency, cost optimization, purposeful brands and increasing market share across key categories.

“We continue to monitor the business environment and respond appropriately to volatilities in the operating environment as well as disruptions from the Covid-19 pandemic,” Soromidayo added.

Meanwhile, the leading personal care and consumer goods company also reported a 169 per cent year on year surge in its gross profits to 12.8 billion in 2020 relative to the reported loss of N4.7 billion.