Unilever Expecting Strong Q2 Performance

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Unilever Nigeria has forecast its Q209 net income to rise 17% year-on-year (y-o-y) and reach NGN2.01bn (US$13.8mn), while turnover is expected to increase 9.3% y-o-y to NGN21bn. (In addition to Unilever's food and drink business, the results include its personal care and household products operations). The company's bullish outlook underlines BMI's view that Nigeria's major food and drink companies are unlikely to be overly affected by near-term economic weakness (BMI has forecast GDP growth to come in at 0.3% in 2009). An estimated per capita food consumption of just NGN25,445 (US$170) in 2008 underscores the fact that food companies are