Unilever Nigeria records N3.96bn loss in 2020

By Kayode Tokede

Unilever Nigeria Plc released its audited report for the year ended December 31, 2020 with N3.97billion loss from N7.42billion loss reported in 2019.

The multinational company also reported N4.74billion loss before tax in 2020 from N10.07billion reported in 2019.

Impairment loss on trade and intercompany receivables of N3.77billion in 2020 from N200million reported in 2019, can be attributable to losses reported by the company in the year under review.

The Company recorded turnover of N61.9 billion in the year under review which represents two per cent topline growth compared to N60.4billion revenue recorded in the corresponding year in 2019.

The result showed that the company recorded a gross profit of N12.8billion in 2020, this represented a 169 per cent increase in gross profit relative to gross loss of N4.7billion reported in 2019.

The Company has 102 (2019: 101) key distributors, and one key distributor accounted for more than 10per cent of the Company’s revenue.

Speaking on the results, the Corporate Affairs and Sustainable Business Director, ‘Soromidayo George, 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.

Mrs. George added that 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 COVIVD-19 pandemic,” she said.