This is after making a profit of GHC59 million in 2018.
Unilever Ghana makes loss of GHc141 million in 2019
Fast moving consumer goods firm, Unilever Ghana made a huge loss of GHC141 million in 2019.
Due to the loss recorded in 2019, the company’s basic earnings per share for 2019 was a loss of GHC2.26 per share as against GHC3.05 gain in 2018.
Operating loss margin was 51.7% as against a profit of 69.7% in 2018.
The unaudited 2019 financial statement shows that revenue for 2019 was GHC339.8 million, compared with GHC632 million in 2018.
The company said this was due to the challenging trading conditions and the prioritisation of inventory reduction in its distribution network.
Despite the loss recorded, management of Unilever are optimistic about the outlook.
“Management retains positive outlook for the business in the long term”, an extract revealed.
Unilever Ghana has often complained of unfair trade practices in the Ghanaian market. These practices include the production of inferior and unbridled goods on the Ghanaian market.
It is not yet known whether Unilever Group will dissolve its Ghanaian management like it did in Nigeria.
Unilever is presently selling at GH¢16.40 per share on the Ghana Stock Exchange
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