Unilever Nigeria declares loss of N1.59 billion in 2020

Unilever Nigeria Plc a leading consumer goods company in Nigeria declares in its unaudited annual financial report that it made a loss amounting to N1.59 billion in the year 2020.

This is according to the information and figures disclosed in the Company’s unaudited financial statement published by Unilever on the website of the Nigerian Stock Exchange.

The report revealed that the loss which Unilever made in 2020, was 62.3% lower than the loss it made in the preceding year 2019, as the company’s loss after tax declined from N4.22 billion in 2019 to N1.59 billion in 2020.

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Key Highlights

• Revenue increased to N61.57 billion, up by 1.34% Y-o-Y.
• Cost of sales decreased to N47.79 billion, down by 11.63% Y-o-Y.
• Gross profit increased to N13.78 billion, up by 106.52% Y-o-Y.
• Selling and distribution expenses decreased to N2.82 billion, down by 10.53% Y-o-Y.
• Marketing and administrative expenses decreased to N12.99 billion, down by 1.69% Y-o-Y.
• Impairment loss on trade receivables increased to N1.08 billion, up by 49.73% Y-o-Y.
• Other income increased to 66.99 million, up by 2.44% Y-o-Y.
• Operating loss decreased to N3.05 billion, down by 70.54% Y-o-Y.
• Finance income decreased to N1.47 billion, down by 48.39% Y-o-Y.
• Finance costs decreased to N223.29 million, down by 72.91% Y-o-Y.
• Loss for the period decreased to N1.59 billion, down by 62.32% Y-o-Y.

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