Unilever Records N1.59bn Loss, Despite Generating N61.5bn Revenue

Unilever Nigeria Plc has declared a loss of N1.59bn in 2020, despite growth in company’s revenue.

The company said this in its unaudited interim financial statements for 2020.

This is the second consecutive loss the company has recorded in two years with the first loss being N4.2bn recorded in 2019.

The fresh N1.59bn loss when added to the N4.2bn recorded in the 2019 financial year brings the cumulative loss that the company has recorded to N5.79bn.

The loss was recorded despite Unilever’s growth in revenue which rose to N61.57bn in 2020, as against the N60.75bn recorded in the 2019 financial period.

The consumer goods company blamed the recent loss on the negative impact of the Covid-19 pandemic.

Unilever said, “At this stage, the company is unable to reliably estimate the future impact of COVID-19, given the lack of an indication of a possible end date of the pandemic or on how long it would continue to impact the Nigerian economy.”

The company disclosed that its Incident Management Team was working to mitigate as much as possible the negative impact of the virus on its performance.