Unilever Caribbean Ltd has reported a strong second quarter ending June 30, 2021. The company recorded $68.5 million, a 3.5 per cent increase, in revenue, when compared to $66.1 million for the same period in 2020.

In its unaudited financial statement on Thursday, chairman Rodrigo Sotomayer said despite the challenges brought about by the covid19 pandemic across the region, Unilever managed to deliver top line growth when compared to the previous year.

The positive results, he said, were driven by increased sales of beauty and personal care products in the export markets.

'Sales in the home care category remain under pressure, especially in the local market, as the overall usage of fabric cleaning products have decreased. H1 revenue was down by $139.2 million or 5.2 per cent.

'This was mostly due to cycling of higher sales in the home care category in quarter one of 2020 and the reduction of fabric cleaning products in 2021.'

Its operating profit for the second quarter was $11 million when compared to the same period in 2020, which was $1.3 million.

Profit before tax for the second quarter was $11.6 million, but overall,for the past six months, the profit was $24.3 million, a 189.4 per cent increase versus the prior year.

'The new home care business model, reductions in distribution and warehousing costs, and growth in beauty and personal care sales continue to contribute significantly to the delivery of the profit.

'The company had strong cash generation from operating activities and increased its cash position by $3.6 million in the second quarter, despite paying out $15.7 million in dividends during the quarter.'

Sotomayer added that with strong cash and financial improvements, an interim dividend payment of 20 cents per share, amounting to $5.2 million, as approved by the board.

The post Unilever earns $68.5m in second quarter appeared first on Trinidad and Tobago Newsday.

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