Unilever Nigeria Plc Reports a Gross Profit of N13.5 Billion

Unilever Nigeria Plc recently released its unaudited interim report for the three months ended March 31, 2024. The company's turnover during this period was N32.3 billion, which signifies a 58% increase over the N20.5 billion turnover for the same period in 2023.

For the period ending March 31, 2024, Unilever Nigeria Plc reported a gross profit of N13.5 billion, which signifies a 39% increase from the N9.7 billion that was reported for the same period in 2023

The result revealed a profit from continuing operations of N3.4 billion for the period ending March 31, 2024, up 19% from the profit of N2.8 billion for the corresponding period in 2023.

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The overall business result for the period ending March 31, 2024, reveals a net profit of N3.4 billion, which signifies a 26% increase from the corresponding period in 2023 and N2.7 billion for the same period in 2023.

In the first quarter of 2024, Unilever Nigeria Plc reported a gain of N1.17 billion in foreign exchange revaluation.

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This is according to Unilever Nigeria Plc's unaudited financial results for Q1 2024, published on the NGX.

The company reported a foreign exchange revaluation loss of N458.29 million for the corresponding quarter of 2023. The foreign exchange market in Nigeria has experienced fluctuations, which is why the company's foreign exchange revaluation in the first quarter was significantly different.

Additionally, the company reported revenue of N32.31 billion and profit-before-tax of N4.35 billion for the reviewed quarter, which shows a slight decrease from N4.49 billion in 2023.

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In Q1, Unilever Nigeria Plc made a profit of N3.35 billion and paid N1.002 billion in taxes. This indicates a rise of about N680 million over the N2.67 billion recorded during the same time in 2023.

Speaking on the results, the Managing Director, Tim Kleinebenne, said, "With our Growth Action Plan, we are committed to serving consumers with our best brands to meet their daily needs of improved health and hygiene. Unilever is pleased with its performance progress, riding on the pillars of operational efficiency, cost optimisation, purposeful brands, and increasing market share across key categories."

Unilever Nigeria Plc is reported to be Nigeria's oldest manufacturing company. It is dedicated to maintaining its socioeconomic influence and investment in Nigeria through its brands and business practices.

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Back Story

Unilever Nigeria PLC has reportedly lost N3.726 billion from discontinuing its home care and skin cleansing products, including Omo washing powder, Pears baby care goods, Key soap, Lux soap, and Vaseline petroleum jelly.

The firm recently released its unaudited interim financial statements for the year ended December 31, 2023. In the statement, Unilever said that the loss for the period under review was higher than N1.492bn in 2022.

In March last year, Unilever announced that it would exit the home care and skin cleansing market to focus on repositioning its business for sustained profitability. In December 2023, production and sales for these businesses stopped in Nigeria.

According to the statement released back then, it would change its business model to boost the company's growth and meet the needs of shareholders, consumers, and employees.