Oct 20 (Lagos) - Unilever Nigeria Plc (
UNILEVER ) reported third quarter results today and blew away all analyst expectations.
Sales rose by 37% to N 24 billion in the third quarter.
Profit after tax rose to N 1.1 billion up by 143% from the same quarter of 2016.
Shareholders equity rose 60% to N 9.75 billion.
This is a major news for investors as this Company is blowing away expectations. With the rights issue concluded,
UNILEVER will be able to invest heavily in Nigeria.
UNILEVER sales for the 9 months of 2017 have already crossed the sales for full year 2016.
Profit for the 9 months of 2017 is more than 3 times the profit of full year 2016.
That is enough reason why the market puts a price earnings (P/E) ratio of more than 54 on this stock. This is very high but expect that ratio to remain high because this Company is what foreign investors are looking for in the basket of Nigerian stocks in the consumer goods sector.
The rights issue information is awaited and those who got the rights at 30, they will be feeling good after seeing this result.
reporting for easykobo.com on Friday, Oct 20 2017 from Lagos, Nigeria