Shareholders of
The shareholders of
Revenue fell 34 per cent to N60.758 billion, from N92.023 billion, while gross profit fell faster by 75 per cent from N27.42 billion to N6.67 billion. Financing cost rose by 82 per cent to N824 million from N452 million in 2018. Loss before tax stood at N8.322 billion in 2019, compared with a profit before tax of N13.56 billion.
Looking at the results, analysts at
"Furthermore, Cost of sales (COS) dipped to print N54.09 billion against N64.60 billion recorded in 2018, however, COS declined at a slower pace than top-line, hence, we witnessed gross profit thin-out by 75.67 per cent to record N6.672 billion vs N27.427 billion recorded in the corresponding period of 2018," they said.
According to the analysts, operating profit recorded a loss as the company could not make enough sales to cover total operating expense.
" Finance income came in lower by 20.42 per cent while finance cost spiked by 82.3 per cent, consequently recording a loss before tax of N8.32 billion. Tax credit of N4.10 billion cushioned the loss for the period to N4.22 billion, 141.62 per cent decline when juxtaposed to N10.15 billion profit recorded in 2018. The report indicate the continued struggle for
In an apparent move to improve the fortunes of Unilver, the company has appointed Mr.
Cruz, who is a Filipino and is currently Chairman, Unilever Sri Lanka. The company said Cruz is coming with extensive career in Unilever D &
.
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