Unilever Nigeria Plc disposed of its tea business to Unilever Tea MSO Nigeria Limited, a related party within the Unilever Group, for a considerable amount of N5.4 billion during the financial year ended December 31, 2021.
This was disclosed in the Audited Financial Statement recently filed with the Nigerian Exchange Limited.
The Unilever tea business was included in the discontinued operations segment of the financial statement, which revealed that the company had also disposed of property, plants and equipment as well as long service award obligations.
Before the company’s business was discontinued in October 2021, it had a turnover of N9.05 billion from January – to September 2022, a 7.17 per cent decline from what it generated in the corresponding period of 2021. However, the tea business moved from a loss position to rake in a profit of N2.72 billion in the 9-month period of 2022.
According to Alan Jope, CEO of Unilever, “The evolution of our portfolio into higher-growth spaces is an important part of our growth strategy for Unilever. Our decision to sell ekaterra demonstrates further progress in delivering against our plans
