Unilever Nigeria grows profit by 54% in Q1

Unilever Nigeria Plc has reported a profit after tax of N1.6 billion for the first quarter ended 31st March 2017, representing a 54 percent increase over N1.04 billion reported in March 2016.

Unilever’s Q1 results submitted to the Nigerian Stock Exchange (NSE) on Tuesday, showed a revenue growth of 32 percent to N22.2 billion from N16.8 billion.



Cost of sales was up 47 percent to N15.9 billion while Gross profit settled at N6.3 billion.

Profit before tax similarly increased to N2.2 billion from N1.4 billion.

The company’s balance sheet showed that Total Assets rose to N88.5 billion from N72.5 billion while shareholders’ funds surged 14 percent to N13.3 billion from N11.7 billion recorded in December 2016.