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UNILEVER H1’17 PERFORMANCE SNAPSHOT – PBT up by 239.16%y/y ; OPEX dropped by 8.3%



Unilever Nigeria Plc (UNILEVER)  released its half year unaudited results for the period ended June 30th, 2017, on Friday night, being 14th of July, 2017.

From the result gathered,

Revenue grew by 39.74% y/y to N45.11 billion, so was Operating Income by 195.86% y/y as they were able to man their Operating expenses (especially marketing & administrative) to N7.51 billion from N8.19. billion previously.

Profit Before Tax  and Profit After Tax increased significantly by 239.16% y/y and  236.41% y/y to N5.04 billion and N3.68 billion respectively. This could also be seen in the PBT & PAT margin recoveries as shown below.This recoveries could be attributed to changes in their pricing actions, positive mix, and importantly, exchange rate-linked cost savings as naira appreciated significantly against the USD in Q2, thus the positive pass through to production cost, given that UNILEVER is a net importer of raw materials.

It’s important to note that this quarter marks the third consecutive quarter that Unilever will deliver PBT in the N2bn range – the usual run-rate before the economic challenges started in 2014. This could be as a result of weaker competition stemming from crowding-out of importers. Also, gross margin was above 30%, the second time since 2015 which can be attributed to the CBN’s intervention in the fx market which has made fx more accessible for importation of raw materials. As such, we can say that the company is well on its road to recovery.

Earnings per share (EPS) rose to N0.97 in the period, compared with N0.29 recorded in the previous year.

Finally, UNILEVER H1’2107 result was  impressive compared to the previous period in review. The result was headlined by appreciable topline growth, improvement in margin performances, as well as growth in bottom-line numbers due to lower base effect of Q2 2016.However, concerns remain regarding potential for earnings dilution as Unilever plans a c.N59bn right issue to offset its FCY loan obligations. This could see additional 1.96billion shares in issue.



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