Unilever Nigeria Plc has posted a profit before tax of N2.03bn for the three months period ended March 31, 2019, compared to the N3.7bn recorded in the same period last year.

The company’s unaudited interim financial statement, which was made available to the Nigerian Stock Exchange, showed that its profit after tax also dropped by 90.79 per cent year-on-year to N1.52bn, from the N2.90bn recorded in Q1 2018.

The total assets of the company dropped to N30.08bn in Q1 2019 from N30.53bn in Q1 2018, while total liabilities increased to N50.26bn from N40.05bn.

In July 2018, Unilever concluded the sale of its entire spreads business (Blueband margarine). In line with the group’s directive, the company committed to a plan to sell the business since its announcement in December 2017.

The financial statement showed that the company made N162.6m from the discontinued business operation.

The company said it was segmented into food products; and home and personal care products such as the sale of tea, savoury and spreads, and the sale of fabric care, household cleaning, skin care and oral care products.

The statement read in part, “There are no inter-segmental sales, and Nigeria is the company’s primary geographical segment as it comprises 99 per cent of the company’s sales.”

As of January 1, 2019, the company’s dividend payable amount stood at N3.17bn, compared to the N2.89bn that was reported in the same period in 2018.