Following the health and economic impact of COVID-19 on businesses across Nigeria, management of Unilever Nigeria has restated its commitment towards achieving a competitive growth for the year 2020.
This commitment was stated as the manufacturing company released its audited financial statement for the year ended December 31, 2019. Unilever Nigeria recorded a turnover of N60.5 billion in the year under review, which represents a decline compared to N92.89 billion recorded for the corresponding year, 2018.
The result shows the company also recorded a loss after tax of N7.42bn for the year ended December 31, 2019, relative to profit after tax of N10.55bn recorded for the comparative year December 31, 2018.
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These results reflect challenging operating conditions but also the company’s decision to tighten credit terms to address exposure from trade receivables and excess stock in trade in order to better position the company for innovation and a return to competitive growth.
Soromidayo George, corporate affairs director of Unilever, says the company is also better placed to adjust to the prevailing operating circumstances now emerging in 2020.
George says given the current global economic uncertainty, Unilever will continue to monitor the business environment as well as focus on its strategy to deliver sustainable growth both in the medium and long term.
George notes that the business acknowledged that 2019 was a challenging year for everyone, but also that there were measures taken to adjust those challenges.
She reaffirms Unilever Nigeria’s commitment to supporting efforts to tackle the Coronavirus threat while keeping an eye on the fundamentals of the business, supporting its brands, ensuring the integrity of the route-to-market model. “…putting consumers and their needs at the heart of everything we do,” George states.
Speaking further on future plans, George says management is confident of the company’s prospects based on the legacy of growth and strong Unilever brands, which have over the year’s satisfied consumers’ needs and will continue to do so innovatively.
