Unilever Nigeria launched its unaudited report for the interval ended thirtieth September 2020. The Firm recorded Turnover of N17.4 billion within the interval below assessment. This represents a 21% enhance in comparison with the earlier Quarter 2 2020 and a 94% enhance in comparison with N8.9bn recorded for the corresponding interval, Q3 2019.
Whereas the consequence exhibits the corporate recorded loss after tax of N1.5bn for the quarter ended thirtieth September 2020 representing a 49% enchancment when in comparison with loss after tax N3.0bn recorded for the quarter ended thirtieth September 2019.
A precursory evaluation of the agency’s quarter outcomes signifies that income went up 93.9% to N17.39 billion from N8.97 billion in the identical interval in 2019.
The agency skilled vital income development in two market segments, particularly Meals merchandise and House and Private Care. A detailed look reveals that income from Meals Merchandise rose to N9.83 billion from N5. 32 billion final yr, whereas House and Private Care income climbed to N7.57 billion from N3.65 billion.
The progress that Unilever Nigeria Plc recorded is healthier appreciated when positioned aspect by aspect with how its key competitor fared.
Contemplate that Unilever had a 25.1% q/q development in meals income relative to a decline of 16.1% for Nestle Plc. This efficiency implies that Unilever elevated market share whereas Nestlé’s shrunk throughout the quarter. This can be indicative of the constructive results of the efforts of the brand new administration.
Some analysts whereas acknowledging the difficult setting during which firms operated on this yr wish to see the corporate return to an enviable place of revenue. It’s acknowledged that this will probably be a imply feat, with all of the international change and commerce restrictions skilled by many firms inside the nation.
In 2020, past the standard vicissitudes of life, coronavirus (COVID 19) occurred. Declared a pandemic by the WHO, it has precipitated widespread multisectoral disruption, tasked the worldwide well being system, and sparked unprecedented financial upheaval.
Because the pandemic raged throughout the globe, manufacturing hubs shut down, governments enforced restriction of motion and billions of individuals had been positioned on lockdown. Information studies from throughout the globe indicated that companies have gone stomach up, nations went bowl in hand looking for handouts and loans and people had been content material to easily mark themselves “protected”.
In line with the World Financial institution Nigeria’s financial system is projected to contract by about 4 per cent in 2020. Knowledge from the Nationwide Bureau of Statistics reveals Nigeria’s unemployment fee as on the second quarter of 2020 stood at 27.1 per cent indicating that about 21,764,614 Nigerians stay unemployed. Inflation determine in September 2020 was creeping near 14 per cent. This was the financial actuality when Unilever Nigeria launched its unaudited report for the interval ended thirtieth September 2020.
With the pandemic, the lockdown and the current social unrest taking its tow on the financial system and plenty of companies within the nation, it’s hoped that Unilever Nigeria will stay centered on its technique to ship sustainable development remaining true to its previous optimism of rising the enterprise each within the medium and long run, with clear emphasis on operational effectivity and value optimization, growing market share throughout key classes and improved route-to-market.