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Business News of Thursday, 30 January 2020

Source: Class FM

Unilever Ghana records GH¢141 million loss in 2019

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Fast moving consumer goods firm, Unilever Ghana registered a huge loss of GH¢141 million last year.

This is against a profit of GH¢59 million in 2018.

As a result of the loss, its basic earnings per share for 2019 was a loss of GH¢2.26 per share as against GH¢3.05 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 GH¢339.8 million, compared with GH¢632 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 retains 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 GH¢16.40 per share on the Ghana Stock Exchange.

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