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29.01.2020 Business & Finance

Unilever Ghana Lost GHS141 million In 2019

By News Desk
Unilever Ghana Lost GHS141 million In 2019
LISTEN JAN 29, 2020

Unilever Ghana registered a huge loss of GHS141 million last year against a profit of GHS59 million in 2018.

As a result of the loss, its basic earnings per share for 2019 was a loss of GHS2.26 per share as against GHS3.05 gain in 2018.

Operating loss margin was 51.7% as against a profit of 69.7% in 2018.

According to its unaudited 2019 financial statement, revenue for 2019 was GHS339.8 million, compared with GHS632 million in 2018.

The results the company said reflected challenging trading conditions as well as the prioritisation of inventory reduction in its distribution network as highlighted in September 2019.

However, despite the loss, management remains optimistic about the outlook.

“Management remains positive outlook for the business in the long term”, an extract revealed.

Over the years, Unilever Ghana has been complaining of unfair trade practices including inferior and unbridled goods on the Ghanaian market.

It is unclear whether Unilever Group will follow suit the action they took by dissolving the Nigerian management of the Ghanaian subsidiary.

Unilever is presently selling at GHS16.40 per share on the Ghana Stock Exchange.

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Business & Finance

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