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Unilever Caribbean posts TT$18.6 million net profit for 2020 Friday, April 09, 2021
After an expensive restructuring of its home-care portfolio in 2019, Unilever Caribbean Limited returned to a profitable path as it recorded a net profit of TT$18.6 million ($399 million) for its 2020 financial year (FY) ending December 31, compared to a TT$75.9 million loss in 2019.
The manufacturing and distribution giant, known for several widely known brands in personal care and food products, saw revenue increase by two per cent to TT$290 million ($6.2 billion) in what was described as a challenging environment as stated in the company s audited financial report released last week.
Despite the difficulty faced due to the novel coronavirus pandemic, the company was able to contain its cost of sale expense and improve its gross margin along with gross profit which increased by 24 per cent to TT$130.4 million. Even with slightly higher selling and distribution costs, the reduction in adm