Unilever Nigeria reports 158% growth in 2016 PAT

Unilever Nigeria Plc recorded a 157.63 per cent growth in profit after tax for the financial year ended December 31, 2016. In a filing from the Nigerian Stock Exchange (NSE), the company’s net earnings for the financial year stood at N3.071 billion as against N1.192 billion posted in 2015, representing an increase of 157.63 per cent. Pre-tax profit also stood at N4.106 billion during the period under review, from N1.1771 billion posted a year earlier, accounting for 131.84 per cent.

The company’s revenue grew by 15.13 per cent to N69.777 billion in 2016 from N59.221 billion during the financial year of 2015. Unilever Nigeria Plc recorded a 600.92 per cent growth in profit after tax for the third quarter ended September 30, 2016.

The company’s profit after tax for the nine months stood at N388.229 million as against N55.388 million posted in 2015, representing an increase of 600.92 per cent.

Pre-tax profit also stood at N175.065 million during the period under review, from N107.295 million posted a year earlier, accounting for 63.16 per cent. The company’s revenue rose by 25.38 per cent to N17.593 billion in 2016 from N13.977 billion during the third quarter of 2015. Unilever Nigeria recorded a 27.84 per cent growth in profit after tax for the half year ended June 30, 2016.

The company’s net earnings for the half year stood at N1.094 billion as against N85.573 million posted in 2015, representing an increase of 27.84 per cent. Pre-tax profit also stood at N1.487 billion during the period under review, from N94.070 million posted a year earlier, accounting for 58.07 per cent.

The company’s revenue grew by 12.38 per cent from N28.721 billion in 2015 to N32.277 billion during the second quarter of 2016. Unilever Nigeria’s first quarter 2016 profit after tax had grown by 76.30 per cent to N1.041 billion from N590.448 million recorded a year earlier.

T he company’s pre-tax profit also increased by 64.09 per cent from N864.742 million during the previous year to N1.419 billion during the period under review. Also, the company’s revenue advanced by 12.55 per cent from N14.910 billion in 2015 to N16.782 billion during the first quarter of 2015. The company had disclosed plans to further increase its investment in the country and set up new plants within the country to further enhance local production.

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