Unilever Nigeria Plc made two major shifts on the side of costs that dried up profit from over N1 billion in the second quarter of last year to N110 million for the three months ended June 2022.
The home and personal care company’s half year interim report ended June shows a shift from a net finance income of N453 million to N335 million over the review period. There was also a shift from a tax credit of N353 million to a tax expense of N518 million over the same period.
The company recorded a sharp fall in finance income at 63 percent quarter-on-quarter to N172 million while finance costs multiplied by close to 46 times to N507 million over the same period.
Net finance income had contributed over 60 percent of the pre-tax profit of about N751 million the company reported for the second quarter of last year. The drop this year resulted in a decline of over 16 percent in pre-tax profit to N628 million for the second quarter.