Procter & Gamble (P&G) has recorded a profit of $3.2 billion for the fiscal first quarter of 2019. The profit recorded went up by 11.9 per cent from the previous year.
P&G, whose brands include Tide detergent and Bounty paper towel, reported higher quarterly profits amid solid performance for several key consumer products.
The company cut its forecast for fiscal 2019 sales from a range of flat to a decline of two per cent due to the strong dollar. In the period under review, revenues were essentially flat at $16.7 billion. Net sales declined in three of five P&G consumer categories.
Stiff Competition in the consumer goods sector
Though P&G will not admit, one of the major challenges facing players in the consumer goods sector, particularly diapers and sanitary towel is a stiff competition in the market. There are currently more than a dozen brands of diapers and sanitary pads in the country, including Pampers, Molfix, Always, Nice Baby, Angel, Dry Love, Huggies, etc.
A research into the prevailing competition in the pampers industry shows that Hayat Kimya Group, makers of Molfix, is leading the market with a 44% market share.
Procter & Gamble came in second with a 37.3% market share, with the rest of the brands were, however, relegated to a little corner in the market where they now share 18.4% market share.
Procter & Gamble Company (P&G) is an American multinational consumer goods corporation headquartered in Cincinnati, Ohio, United States; founded in 1837 by British American, William Procter and Irish American James Gamble. It primarily specialises in a wide range of cleaning agents and personal care and hygiene products.
The Nigeria subsidiary of the company produces a wide range of personal care products. The products include Pampers, Ariel, Fairy, Always, Oral-B, Gillette, and Safeguard.