UNVR - 1H24' revenue declined by 11% yoy due to boycott

UNVR - 1H24' revenue declined by 11% yoy due to boycott Unilever Indonesia (UNVR) reported a 11% yoy decline in net profit to IDR2.4 tn in 1H24, attributed to an extended consumer boycott. This boycott significantly impacted UNVR’s sales across all segments, with home and personal care revenue dropping 7% yoy to IDR12.2 tn. Additionally, the food and refreshment segment saw a revenue decrease to IDR6.7 tn (-4% yoy). The weakening of UNVR’s competitiveness is further evident by the declining market shares of key brands like Bango and Royco. (Source : Kontan)