Unilever posts N3.07 billion PAT in 2016

Unilever Nigeria Plc has posted a Profit After Tax (PAT) of N3.07 billion in its 2016 operations, against N1.19 billion achieved in the corresponding period in 2015. Specifically, the firm’s audited result for the period ended December 31, 2016 showed 157 per cent growth in PAT, from N1.19 billion to N3.07 billion.

The company attributed the increase in profit, amid harsh operating environment to sustained focus on short and long term growth ambitions with clear emphasis on operational intensity, cost efficiencies and growing market share across key categories.

Similarly, its turnover stood at N69 billion, representing 17.8 per cent rise when compared to N59 billion posted 2015. The firm added that a significant portion of the growth is from volume increase.

According to the company, cost of sales increased by 29.6 per cent from N38 billion to N49 billion, reflecting rising costs particularly raw material costs that are significantly exposed to foreign currency volatility.

“The cost of sales reflects an exchange revaluation loss of N1.7 billion in 2016.