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Unilever Nigeria Q4 profit climbs YOY

Unilever Nigeria PLC said its normalized net income for the fourth quarter amounted to 30 kobo per share, a gain from 5 kobo per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.37 billion nairas, a gain from 204.1 million nairas in the prior-year period.

The normalized profit margin increased to 5.9% from 1.7% in the year-earlier period.

Total revenue grew 36.3% year over year to 16.52 billion nairas from 12.12 billion nairas, and total operating expenses grew 22.5% year over year to 13.33 billion nairas from 10.88 billion nairas.

Reported net income rose 78.0% year over year to 1.05 billion nairas, or 23 kobo per share, from 590.6 million nairas, or 16 kobo per share.

For the year, the company's normalized net income totaled 38 kobo per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 19 kobo.

EPS declined 19.4% from 47 kobo in the prior year.

Normalized net income was 1.44 billion nairas, a decline of 19.4% from 1.79 billion nairas in the prior year.

Full-year total revenue increased 6.2% from the prior-year period to 59.22 billion nairas from 55.75 billion nairas, and total operating expenses grew 5.7% on an annual basis to 54.04 billion nairas from 51.15 billion nairas.

The company said reported net income declined 50.6% year over year to 1.19 billion nairas, or 32 kobo per share, in the full year, from 2.41 billion nairas, or 64 kobo per share.

As of March 24, US$1 was equivalent to 199.20 nairas.