Unilever to divest its spread, posts 60 Percent PAT growth

 

Unilever Nigeria Plc has disclosed its intention to divest its spread (bread spread) business, even as it releases its first quarter results ended March 31, 2017, which indicated strong top-line and bottom-line positions.

The company in a statement to the NSE said, “We hereby give the NSE and the investing public notification of the recent announcement by Unilever Group of the intention to divest its spreads business as part of the outcome of the strategic review embarked on.”

The company, however, remarked that its intention to divest does not affect the activities of Unilever Nigeria Plc. Meanwhile,  Unilever Nigeria’s result for the first quarter ended March 31,  2017, shows continued growth as Profit After Tax, grew by 60  per cent to N1.6 billion from N1.0 billion in the corresponding period of 2016.

The company also posted a turnover of N22.2 billion, representing 32 per cent growth from N16.8 billion in first quarter of 2016. The company recorded a Profit Before Tax, of N2.2 billion in first quarter of 2017, representing a growth of 57 per cent from N1.4 billion in the corresponding period of 2016.

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While the operating costs increased by 31 per cent to N19.4 billion for the period ended March 2017 from N14.9 billion recorded in the corresponding period in 2016. Unilever, in statement to the NSE, said “we remain as a consumer and customer centric business, as we continue to meet varying needs of Nigerians.

The company will not relent in its efforts to satisfy its consumers. As a company, we will continue to deploy best practice marketing strategies, with high level of operational intensity in our continued investment in commercial and factory operations to expand our capacity and grow our market share.”

 

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