Unilever Nigeria Plc (NGX: UNILEVER) has reported a profit after tax of N1.79 billion for the first quarter period ended 31st March 2022. This is according to the unaudited interim Financial Statements published by the company on Friday, seen by Investogist.
With a 24.54% growth in revenue, and a 465.10% growth in Profit for the period, the shareholders of the food and beverages company would certainly be pleased with the performance. Most especially, considering the fact that the company is returning from periods of reporting loses.
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The balance sheet tells of possible sorrows for the suppliers of UNILEVER. While the company’s balance sheet shows no “loans and borrowings” on neither current nor non-current columns, it owes its suppliers N45.50 billion (Q1 2021: N39.73 billion). These trade payables accounts for N45.50 billion of N48.77 billion of Unilever’s Total Liabilities.
Income Statement:
- Revenue: N20.56 Billion, compared to N16.50 Billion in Q1 2021 (24.54% YoY Growth). Of the revenue reported, N11.11 billion came from Home & Personal Care Products while N9.44 billion came from Food Products.
- Gross Profit: N7.17 Billion, compared to N4.18 Billion in Q1 2021 (71.59% YoY Growth). While it grew revenue by 24.54%, Unilever was able to keep cost of sales down, with only 8.58% increase from N12.32 billion to N13.38 billion.
- Selling and Distribution Expenses: N1.01 Billion, compared to N727.84 Billion in Q1 2021 (38.81% YoY Increase).
- Marketing & Administrative Expenses: N4.05 Billion, compared to N3.73 Billion in Q1 2021 (8.61% YoY Increase). Most of the expenses went to brand and marketing (N1.29 billion) and Overheads (N2.16 billion)
- Finance Income: N284.06 Million, compared to minus N282.39 million in Q1 2021 (200.59% YoY Growth). Te finance income came from interest on call deposits and bank accounts.
- Profit Before Tax: N2.24 Billion, compared to a loss of N227.07 million in Q1 2021 (1,089.28% YoY Growth);
- Profit for the period: N1.79 Billion, compared to a loss of N491.99 million in Q1 2021 (465.10% YoY Growth);
- Earnings Per Share: 31kobo. (minus 9kobo in Q1 2021).
Balance Sheet:
- Total Assets: N116.33 Billion, compared to N108.28 Billion as at 31st December 2021 (7.43% Growth);
- Total Liabilities: N48.77 Billion, compared to N642.52 Billion as at 31st December 2021 (14.69% Growth);
- Shareholders’ Fund: stood at N67.55 Billion, a 2.73% growth from N65.76 Billion as at 31st December 2021.
- Retained earnings: stood at N7.87 billion, a 29.56% growth from N6.07 billion as at 31st December 2021.
Cashflow:
- Operating activities: N4.98 billion was generated from operating activities, against N1.80 billion generated in Q1 2021.
- Investing activities: N187.06 million was generated from investing activities, against N63.59 million used in Q1 2021.
- Financing activities: N37.86 million was used in financing activities, against N34.37 million used in Q1 2021.
- Cash and cash equivalents at the end of the period was N60.83 billion (Q1 2021: N38.80 billion).
There was no corporate action accompanying the release of the interim financial statements.
About the company
Unilever Nigeria Plc. was established in 1923 as a soap manufacturing company – West Africa Soap Company– by Lord Leverhulme.
It later became known as Lever Brothers Nigeria Plc. Today, it is the longest serving manufacturing organization in Nigeria.
After a series of mergers and acquisitions, the Company diversified into manufacturing and marketing of foods, home care, beauty and personal care products.
These mergers and acquisitions resulted in the absorption of Lipton Nigeria Limited in 1985, Cheesebrough Industries Limited in 1988 and Unilever Nigeria Limited in 1996.
The Company changed its name to Unilever Nigeria Plc. in 2001 in line with the global strategic direction of the business
Unilever Nigeria Plc. is a member of the Unilever Group, one of the world’s leading consumer goods companies.
The Company was quoted on the Nigerian Stock Exchange in 1973 and is a truly multi-local, multinational organization with international and local brands in her portfolio.
The international brands include Close-Up, Pepsodent, LUX, Lifebuoy, Rexona and Vaseline in the Personal Care
division of the business; Knorr in the Foods division; and OMO and Sunlight in the Home Care division. Other Regional and local jewels include Pears and Royco.
Unilever has 5,745,005,417 outstanding ordinary shares, and a market capitalization of N70.08 billion. It’s share price is N12.20.
According to data on its 2021 financial statements, Unilever Overseas Holdings B.V Holland holds 3.32 billion shares (57.81%) of UNILEVER, Unilever Overseas Holdings BV holds 1.04 billion shares (18.16%), Stanbic Nominees Nigeria Ltd holds 287.57 million units of shares (5.01%).
Nnamdi Maduakor is a Writer, Investor and Entrepreneur