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Unilever Nigeria Plc, a multinational consumer goods company, has reported that its pre-tax profits fell 38.4 percent year-on-year for the 2015 full year ended December 31st.  

In its audited report and financial statements released last week, Unilever said its pre-tax profits fell to N1.77 billion in 2015, compared to N2.87 billion in 2014. Revenues, however, rose 5.9 percent to N59.22 billion in 2015, compared to N55.75 billion in 2014.

The drop in Unilever’s annual profits is attributable to high financing costs during the year under review. Financing costs rose 39.8 percent to N3.17 billion in 2015, compared to N1.91 billion in 2014.

Unilever’s earnings per share fell to 32 kobo per share in 2015, compared to 64 kobo per share in 2014. For the 2015 full year, the company has declared a dividend of N189.16 million, translating to 5 kobo per share.

Unilever Nigeria, the local subsidiary of Anglo-Dutch consumer goods giant Unilever, makes products ranging from food, beverages, cleaning agents, and personal care products. Founded in 1923 as a soap manufacturing company, Unilever is the longest surviving manufacturing company in Nigeria.