Unilever first half profits soar 22.4 percent
THE HAGUE- Food and consumer products giant Unilever said Thursday profits soared in the first half of 2017, raking in 3.3 billion euros after the Anglo-Dutch firm spurned a takeover bid by US rival Kraft Heinz.
The 22.4 percent hike in the first six months compared to the same period last year showed "a substantial step-up in profitability despite the persisting volatile global trading environment," chief executive Paul Polman said.
"The transformation of Unilever into a more resilient, more competitive and more profitable business is accelerating," he added in a statement.
Sales for the first half of the year rose 5.5 percent to 27.7 billion euros, with turnover growing in the Americas and Asia, even though it "remained weak" in Europe.
Rotterdam-based Unilever, which employs some 169,000 people around the world, owns more than 400 household brands including Dove, Knorr soups, Lipton, Magnum and Marmite.
Since rejecting the Kraft Heinz bid in February, Unilever has sought to prove to shareholders that it is better off on its own.
In April, it unveiled a 3.5-billion euro restructuring plan and announced the sale of its margarine division, hoping to soothe investors concerns over the rejection of the proposed tie-up with Kraft which would have valued the group at $143 billion.
Polman predicted accelerated growth in the second half of the year for Unilever and said underlying sales growth for 2017 would be in the 3.0-to-5.0 percent range.
