Unilever Nigeria has reported 40.1 per cent revenue loss in the first six months of 2020.
This was certainly not a pleasant time for the company and its shareholders, according to a statement released to the Nigerian Stock Exchange.
The household items company recorded -45.6 per cent revenue drop in the home and personal care business, while food products segment lost -35.1 per cent, marking the seventh consecutive quarter of year-on-year revenue decline.
The statement added that the company recorded a total turnover of N27.3bn for the period ended June 30, 2020, against N42.7bn recorded in the same period of 2019.
Unilever said its sales stood at N21.2bn in the period under review, against the N31.3bn posted in the same time of 2019, while its gross profit went down to N6.2bn from N11.4bn.
A further analysis showed that the sale and distribution expenses fell slightly to N1.8bn from N1.9bn while in the first six months of 2020, the sum of N5.2bn was used for market and administrative costs, lower than the N5.4bn expended in the first six months of 2019.
