(Ecofin Agency) - 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.