Unilever Nigeria Plc recorded a 48 per cent drop in profit for the second quarter of the year, the company’s results for the period showed.
The results, filed with the Nigeria Stock Exchange, showed that the company’s profit before tax declined from the N3.963bn it posted in the second quarter of 2013 to N2.077bn in the review period.
Similarly, its profit after tax fell by 47 per cent to N1.464bn in the second half of 2014, from N2.741bn in the corresponding period of last year.
The company’s revenue declined by one per cent to N29.280bn from N29.668bn, while its basic earnings per share and fully diluted earnings per share each fell by 47 per cent to N39 in the review period from N72 in the same period of last year.
At the company’s Annual General Meeting in May, its Chairman, Chief Nnaemeka Achebe, told shareholders the company would focus on long-term profitability.
Achebe, who is also the Obi of Onitsha, said, “As we continue our sustainability journey, it is evident that we will have to sacrifice short-term profitability to build a more enduring business and fully harness the opportunities that the Nigerian market portends.”
He assured Unilever’s shareholders that the company’s plan for growth would lead to greater returns.
“As we maintain single-minded focus on our consumers and customers, strengthening our core categories, driving cost and complexity reduction with vigour, building people capability and a fit organisation, and leveraging our Unilever Sustainable Living Plan for growth, we are confident that all these deliberate thrusts can only translate into evident value addition in the longer term for all stakeholders.”
The company paid a dividend of N1.25 gross per share for the 2013 financial year.