Unilever Plc Exhibited Negative Performance In Q’2 2023, PAT Down -85.47%
As rising #inflation, interest rates, and the cost of doing #business, continue to threaten businesses in #Nigeria, #Africa, and around the world, #Unilever Plc could not protect itself from the attendant negative impact of these exogenous factors.
In its financial report for Q2’2023, the #Consumer Goods giant reported a shortfall in its Profit After Tax of -17.11%, to N91.487 million from 11.367 million in the compared period of 2022.
Drivers of the Negative Result
Nestle’s negative performance was largely driven by an uncontrollable increase in #Finance Costs, which skyrocketed by 269.36% to N1.874 billion from N507.467 million in Q2’22. Finance Cost and Tax burden drowned the about 810.88% (N1.570 billion) rise in Finance Income.
H1’23 Performance
On a YTD basis (H1’2023), the Multinational Company recorded a 23.74% increase in revenue to N54.205 billion from N43.806 in the same period of 2022. However, no thanks to Finance Cost as the good performance was swallowed up by Finance Cost which rose by 1,780.95% to N3.236 billion in H1’2023 from N172.093 million in H1’2022. PAT in H1’2023 went down by -85.47% to N2.761 billion from N19.006 billion.
Balance Sheet in H1’2023
Six months’ record shows that both assets and liabilities moved closely with each other. Total #Liabilities appreciated by 37.98% to N79.789 billion from N57.825 billion in H1’2022. Similarly, Total Assets added by 18.57% to close at N148.679 billion from N125.389 billion in the previous reviewed period.
EPS went down by -3.09%
Earnings Per Share (EPS) which is calculated as a company’s profit divided by the outstanding shares of its common stock appreciated by 45.45% to 0.48 kobo from 0.33 kobo per share.
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