UNILEVER Nigeria Plc has stopped production and sales of its home care brands in Nigeria.

The company disclosed this in its unaudited interim financial statements released on Friday, October 20, for the nine months that ended September 30, 2023,

The decision followed the company’s announcement on March 17, 2023, to exit the home care and skin cleansing category – OMO, Sunlight and Lux brands – in Nigeria.

“The production for home care category ceased in June 2023, and sales ceased in September 2023. The financial reporting is still being assessed and will be fully accounted for by year-end reporting.

“The production and sale for skin cleansing category has been extended to December 2023,” Unilever said.

In April, The ICIR reported that the company was “exiting the home care and skin cleansing categories to concentrate on higher growth opportunities.”

A fast-growing consumer goods (FMCG) firm, Unilever reported N1.09 billion profit after tax (PAT) loss in the third quarter (Q3) from N2.25 billion loss reported in Q3 2023.

The negative performance resulted from the company’s borrowing cost, which widened to N1.03 billion in Q3 2023 from N328.89 million in Q3 2022 on the heels of the Central Bank of Nigeria (CBN) exchange rate unification.

The impact of the naira devaluation showed Unilever records a significant jump in revaluation loss of N6.297 billion in the quarter under review from N406.69 million in Q3 2022 and also posted a considerable restructuring cost of N3.27 billion compared to N519.69 million in Q3 2022.

According to Unilever, the revaluation loss arose from foreign currencies-denominated balances regarding trade loans. At the same time, the restructuring cost was raw and packaging materials written off due to the stoppage of production in the home care category and associated redundancy cost.

Nigeria economy is growing, a first class graduate of CSU is in charge

What do you expect when agberos, touts, drug barons, certificate forgers, strange men and BH founders are in power? It is well with tribal, religion, political and social sentiments.

Xscape1993:
It is well....

Very very well my friend.

successmatters:


Very very well my friend.

I keep asking myself what are our offences in this country. Is it now a crime to be Nigerians?

Xscape1993:
I keep asking myself what are our offences in this country. Is it now a crime to be Nigerians?

We all know what the problems are, but will like tobpretend over them, all the while thinking that things will be normal.

Xscape1993:
I keep asking myself what are our offences in this country. Is it now a crime to be Nigerians?

The citizens are not allowed to choose their leaders therefore making whoever emerges accountable only to those who helped them declared winner. No love for the nation

Abagworo:


The citizens are not allowed to choose their leaders therefore making whoever emerges accountable only to those who helped them declared winner. No love for the nation

That is the word "no sincere love for the nation ". It is just all about self interest.