Unilever records 2% growth in turnover

Unilever Nigeria Plc released its audited report for the year ended December 31, 2020. The company recorded turnover of N61.9 billion in the year under review, which represents 2 percent top-line growth compared to N60.4 billion turnover recorded in the corresponding year in 2019.

The result showed that the company recorded a gross profit of N12.8 billion for the year ended December 31, 2020, representing a 169 percent increase in gross profit relative to gross loss of N4.7 billion reported for the year ended December 31, 2019.

Overall, loss after tax for the year ended December 31, 2020, reduced by 53 percent to N4 billion from the loss after tax of N7.4 billion reported for the prior year in 2019.

Speaking on the results, Soromidayo George, corporate affairs and sustainable business director, stated that even though 2020 was a year of significant disruptions and volatilities impacting the operating environment, Unilever Nigeria continued to build its resilience to navigate the impact of headwinds.

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 optimisation, 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,” she said.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.