Finance

Unilever Côte d'Ivoire Faces Losses Amid Export Challenges and Tea Business Sale

Unilever Côte d'Ivoire Faces Losses Amid Export Challenges and Tea Business Sale
Friday, 05 May 2023 19:05

Last year was difficult for Unilever's Ivorian subsidiary, as it faced challenges in its export markets, particularly Mali, and the sale of its tea business. The company experienced a loss of revenue and margins.

Unilever Côte d'Ivoire, the Ivorian subsidiary of the food and hygiene products giant, ended 2022 with a net loss of CFA6.3 billion, compared to a profit of CFA175,000 in 2021. 

The company, which is listed on the BRVM (WAEMU's stock market), attributes the performance to a 21% decrease in its turnover (CFA36.1 billion) and lower sales of its food, body, and oral hygiene products throughout 2022.

Additionally, the company recorded a significant drop in its revenues and margins due to the sale of its tea operations to CVC Capital Partners in Q4 2022. It also cited the impact of "disruptions in export markets with the embargo on Mali and the tightening of regulations on triangular trade in the sub-region, imposed by the BCEAO [Central Bank of West African States, Editor's note]." These factors, along with a 102% decline in Unilever Côte d'Ivoire's non-operating income, also contributed to the company's profit decline at the end of 2022.

Chamberline Moko

On the same topic
• Bassirou Diomaye Faye denounces credit rating agencies’ methodologies as ill-suited to African contexts.• Senegal urges reforms to enable fairer...
(AfDB)-The Board of Directors of the African Development Bank Group has approved a $474.6 million loan for South Africa's Infrastructure Governance...
New card enables African payments without using US or European networks Aims to lower costs, protect financial data, and boost intra-African...
• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société Générale Burkina Faso (SGBF).•The move is part of...
Most Read
01

Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...

Telecoms: Lebara Enters Nigerian Market with Strong Competitive Ambitions
02

• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...

Israel-Iran conflict raises new threats for global shipping and oil trade
03

• Gates Foundation commits $1.6 billion over five years to Gavi.• Bill Gates warns of rising ch...

Gates Foundation Pledges $1.6 Billion to Gavi to Boost Global Child Vaccination
04

In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...

In Five Years, Francophone Africa Will be A Major Force in African Tech –Régis Bamba
05

Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...

Côte d’Ivoire’s Fuel Price Cuts Haven’t Slashed Transport Costs–Yet
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.