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Unilever shares to see further pressure amid N567million H1 pre-tax loss

The shares of Nigeria unit of British-Dutch multinational consumer goods company, Unilever may stay longer on the offer radar at the Nigerian Stock Exchange (NSE) following its disappointing first half (H1) results released on the Bourse.

The company’s results for the half year to June 30 shows its revenue decreased by 35.9 percent to N27.33billion in H1’20 as against N42.65billion in H1’19. Gross profit of N6.15billion in H1’20 represents a decrease of 45.7percent as against N11.34billion in H1’19.

Unilever reported N567million pre-tax loss in H1’20 as against pretax profit of N4.69billion in half year of 2019, representing a decrease of -112.1 percent. It also recorded after tax loss of N519million, down by -114.8percent compared to profit after tax of N3.51billion in H1’19.

Unilever Nigeria Plc is engaged in the manufacture and marketing of foods and food ingredients, and home and personal care products.

Its shares at N12.85 on shows it has lost -41.6percent of its year open price.
Market data showed it is one of the worst performing stocks this year on the Nigerian Stock Exchange. The stock heads to its 52-week low of N9.90 having reached a 52-week high of N32.

The NSE Consumer Goods Index which warehouses stocks like Unilever Nigeria Plc is the worst performance sectoral index year-to-date (YtD), it has decreased by -31.55 percent this year.

The Company’s segments are Food Products, Home Care and Personal Care products. Its Foods Products segment includes sale of tea, savory and spreads.

The Company’s Home Care segment includes sale of fabric care, household cleaning and water purification products.

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SOURCE: BUSINESS DAY

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