The drive for increased personal care and hygiene in the wake of the COVID-19 pandemic has pushed Unilever Caribbean to profit in 2020, after suffering significant losses a year earlier.
The company recorded after tax profit of $18,607,000 for 2020.
Gross profit increased by 23.7 per cent to $130.4, with operating profit increasing to $22 million compared to $500,000 in 2019.
The company reported it has generated $64.1 million from operating activities, which equates to more than double last year’s achievements.
The final cash position of the company increased by over $20m to $75.4m compared to the figure of $51.7m recorded in 2019.
Unilever realised increased revenue earning $290m, an improvement over last year’s figure of $284.5m, which represents a 1.9 per cent increase on last year’s earnings.
In his review of the company’s Audited Financial statement, Unilever chairman Rodrigo Sotomayor said, “this was driven by a very strong performance in the domestic market, resulting in growth of 10.7 percent, mostly driven by the beauty and personal care, and foods & refreshments divisions.”
The company said key adjustments to their strategy also helped as it “was able to respond with the launch of many impactful innovations throughout the year, such as new anti-bacterial variants and the introduction of Dove baby and Suave Kids.”
In 2019, the company completed a review of its business model which it was hoped would path it on a sustainable and profitable operation.
Sotomayor said while the outlook suggests continued challenges as COVID-19 effects are set to remain for some time “the company has already demonstrated that it possesses the ability to withstand difficult challenges and emerge even stronger from it.”