Unilever Nigeria Plc Records N7.5b Profit in 2017Abbakin
Leading Dutch transnational consumer goods company, Unilever Nigeria Plc Records N7.5b Profit in 2017 as the company on Friday released its 2017 financial figures.
In the results, the firm said its profit for the year recorded a significant increase, 143 percent, closing for the year at N7.5 billion versus N3.1 billion in 2016.
Its profit before tax also saw a broad growth of 173 percent, finishing at N11.2 billion in the period under review compared with N4.1 billion in the corresponding period of 2016.
According to the financial statements, the revenue generated by the company appreciated by 30 percent to N90.8 billion as at December 31, 2017 from N69.8 billion achieved as at December 31, 2016.
The gross profit of the firm stood at N28.9 billion as at December 31, 2017 versus N20.3 billion as at December 31, 2016.
In addition, its operating profit finished at N12.9 billion in the period under review compared with N5.8 billion in 2016.
The total assets of the Unilever Nigeria as at December 31, 2017 stood at N121.1 billion against N72.5 billion in the corresponding period of 2016.
Furthermore, the total liabilities dropped to N45.2 billion last year from N60.8 billion two years ago mainly because of huge amount paid to clear some loans obtained by the firm.
For the shareholders’ fund, it increased by 549 percent to N75.9 billion in 2017 from N11.7 billion in 2016.
Business Post reports that the Earnings Per Share (EPS) of Unilever Nigeria stood at N1.78k in 2017 compared with 81k in 2016.
Meanwhile, the board of directors of Unilever Nigeria Plc has recommended the payment of 50 kobo gross per share as dividend for the year ended December 31, 2017.