By InvestAdvocate
Lagos (INVESTADVOCATE)-soap producer, Unilever Nigeria Plc on Thursday said its 2014 profit before tax (PBT) declined 58 percent to N2.87 billion from N6.79 billion recorded a year earlier.
In the same vein, profit after tax (PAT) dropped 49 percent to N2.41 billion from N4.72 percent in 2013 end.
Revenue also decreased from N60 billion in 2013 to N55.75 billion in the review period of 2014; indicating a decline of 7 percent, the company said in a filing with the Nigerian Stock exchange (NSE).
Its parent company Unilever Overseas Holdings B.V on Wednesday announced plans to raise its stake in its Nigerian unit to as much as 75 percent from 50.05 percent to benefit from expected economic growth in the country.
Share price of the soap maker increased 10.24 percent from the N34.00 it opened and closed N37.48, gaining N3.48 per share.
The household product maker said it proposed a cut of 93 percent dividend for 2014 to 0.10 kobo per share from N1.40 reported a year earlier, according to its corporate action to the NSE.
The company says closure date for shareholders to benefit is 13-17 April, 2015, while annual general meeting (AGM) and payment dates has been scheduled for May 12 and May 15, 2015 respectively.
