The board of directors of Unilever Nigeria Plc has restated their commitments towards growing value for its existing and prospective shareholders, despite the challenging trade conditions and the company’s decision in third quarter of 2019 to prioritize tightening of credit terms and minimize exposure on trade receivable.
This coming barely a week after the board released its unaudited financial statement for the fourth quarter ended December 31, 2019, with a revenue of N9.13 billion, which slow down by 33.98 percent when compared with what was recorded same period in 2018.
The company in an official statement explained that the management restated their resolve not to be deterred from their aim of strengthening the Company for growth and profitability. “We remain committed to our growth ambitions and retain a positive outlook for the business in the long term, focusing more effort on growing our brand portfolio across all our product categories to achieve sustainable and profitable growth”
Adding that “Unilever will continue to enhance productivity and position the company to harness existing market opportunities in order to satisfy consumer needs”. However, other highlights of the results also shows a loss after tax of N4.76 billion, relative to profit after tax of N2.14 billion that was recorded for the quarter ended December 31, 2018.
It would be recalled that Unilever Nigeria recently refocused its backward integration programme to drive its local content policies and empower more local farmers across Nigeria to engage and invest in producing raw material needed by the Company and continues to create jobs by empowering women and young people through its trade distribution network.
Unilever Nigeria Plc. was established in 1923 as a soap manufacturing company, Lever Brothers West Africa. Today, it is the oldest surviving manufacturing organization in Nigeria. The Company was quoted on the Nigerian Stock Exchange in 1973.