Consumer product manufacturing company, Unilever Caribbean Ltd, has reported $17.1 million in profits after tax for the year ending December 31, 2023.
This represents a $7 million increase in profits over the same period the year before, when it earned $9.7 million.
The information was revealed in the company’s audited summary financial statement, released last week.
Chairman Daniela Bucaro, in her report, said the increase in profits came despite a 20 per cent decrease in revenue, from $256.1 million in 2022 to $204.7 million in 2023.
She added that the company recorded a profit before tax of $26.5 million, a 393.5 per cent increase as compared to the year before, when it earned $5.3 million.
“The company’s main focus has been on accelerating profitable growth for sustainable returns,” Bucaro said.
She said the beauty and personal care category contributed 52.6 per cent of the company’s revenue, an increase in contribution from the year before.
The home care sector represented 36.6 per cent of its revenue.
The increase in revenue is attributed to a diverse portfolio of products, as well as favourable material and freight cost improvements experienced during the year.
“The company maintains a strong financial position with robust cash reserves and favourable retained earnings,” Bucaro said.
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