JUST IN: Unilever Revenue Drops By N5.9 Billion In Three Months

Unilever Nigeria Plc has disclosed that its revenue dropped by N5.9 billion between January to February 2020 as against the same period in 2019.

The company made the disclosure on Monday in its Q1 unaudited financial report for 2020, where it posted a revenue of N13,328,937,000, representing a 30.7% decline from the N19,235,794 recorded in Q1 2019.

According to the report, the company’s profit plummeted by N406 million to  N1,114,430,000 in the three months period.

The company in 2019 had recorded a net profit of N1,520,631,000 between January to March 2019, while profit shrunk by 26.7% in the 2020 report.

Unilever disclosed that the company ” is exposed to foreign exchange risk arising from various currency exposures. The currencies in which these transactions are primarily denominated are US dollars, Pound sterling, Euro and Rand.”

Meanwhile the company recorded N283,463,000 spike in revenue from the export of its products outside Nigeria, as against N165,142,000 realised in 2019.

“The company recognises revenue at a point in time when it transfers control over a product or service to a customer. The Company has 101 key distributors, and no single customer accounted for more than 10% of the
company’s revenue,” the report stated.