Nigerian Consumer Goods: Subdued trends for a little while longer

Difficult trading environment for FMCGs

For several quarters the results of companies under our coverage universe have shown that sales and earnings have been under pressure. The last set of H1 2015 results showed that sales growth was flattish, while PBT margin and PAT fell by -315bps y/y and -24% y/y on average respectively. Unilever Nigeria and UACN were the worst hit with PAT declines of -95% y/y and -61% y/y respectively. Recent GDP data which showed that growth slowed from 6.5% in Q4 2014 to 2.4% in Q2 2015 confirm the trend in the companies’ results


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