Unilever Suffers Profit Drop, Offers 5 kobo Dividend | Independent Newspapers Limited
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Unilever Suffers Profit Drop, Offers 5 kobo Dividend

Posted: Mar 25, 2016 at 3:00 am   /   by   /   comments (0)



Just like it reported in the 2014 financial year, Unilever Nigeria, posted a significant drop in profit after tax when it posted N1.192 billion from N2.413 billion it posted in the corresponding period of 2014.  This represents a drop of N1.22 billion or 50.589 per cent.


Revenue from the period rose by 6.22 per cent or N3.467 billion from N55.754 billion to N59.221 billion, profit before tax went down by 38.35 per cent from N2.873 billion to N1.771 billion.


Operating profit for the period rose from N4.614 billion to N4.639 billion, capital employed rose to N8.003 billion from N7.478 billion, while capital expenditure which was N4.023 billion in 2014 rose to N5.068 billion.


Cash and cash equivalents  which was a negative of N14.218 billion in 2014 improved to  a negative of N7.100 billion, earnings per share dropped to  32 kobo from64 kobo, while net assets per share rose to 212 kobo from 198 kobo in 2014.


However, despite the drop in profit, the company’s directors recommend to the shareholders the payment of N189.164 million or 5 kobo dividend per share of 50 kobo each in respect of the year ended 31 December, 2015.


The dividend, according to the company, is payable on Friday 13 May 2016.


In its 2014 result, the company reported a profit before tax (PBT) declined of 58 per cent from N6.79 billion in 2013 to N2.87 billion, while profit after tax for the period dropped 49 per cent to N2.41 billion from N4.72 per cent in 2013 end.


Revenue also decreased from N60 billion in 2013 to N55.75 billion in the review period of 2014; indicating a decline of 7 per cent.


Its parent company Unilever Overseas Holdings B.V on Wednesday announced plans to raise its stake in its Nigerian unit to as much as 75 per cent from 50.05 per cent to benefit from expected economic growth in the country.


Share price of the soap maker increased 10.24 per cent from the N34.00 it opened and closed N37.48, gaining N3.48 per share.