MONTHS after Unilever Caribbean Ltd., announced closure of its age-old operations in Trinidad and Tobago, the multinational has recorded a staggering profit.
The manufacturer of hygiene, beauty, nutrition and personal care products revealed that its six-month profit up to June 30, 2021 was up by 161 per cent.
The profit was $15.50 million, compared to $5.93 million for the previous comparative period.
Chairman Rodrigo Sotomayer attributed the increased profit to a new business model.
Selling and distribution costs were reduced by 17.6 per cent, and administrative expenses went down by 28.8 per cent.
The higher profit was achieved despite a 5.7 per cent decline in revenue.
Unilever is publicly traded on the Trinidad and Tobago Stock Exchange.
The company announced in August 2019 that it was closing down its manufacturing in T&T because of the weak domestic economy.
There were “depressed market conditions and changes in consumers’ buying patterns,” the manufacturer said.
The jobs of 286 workers at the Champs Fleurs plant went on the line.
Unilever was established in T&T since 1929.
The company said it “contributed significantly to the social, educational, and cultural development of this country.”
Unilever makes more than 400 products.
