Unilever Nigeria grows revenue to N81.57 billion in nine months 

Unilever Nigeria Plc, a multinational consumer goods company, realized a revenue of N81.57 billion in the nine months ending September 30, 2023.

This represents an increase of 25.95% when compared with the N64.76 billion it generated in the same period last year.  

This is according to the company’s latest financial report filed with the Nigeria Exchange Limited.  

The company turned a profit after tax of N1.669 billion during this period, marking a significant improvement from the previous year when it reported a loss of N348 million as of September 30, 2022. 

This turnaround in profitability is a positive sign for the company.  

Its profit before tax stood at N4.90 billion and reported a tax payment of N3.23 billion in the period under review. 

Unilever Nigeria Plc’s net finance income showed a remarkable improvement, increasing to N3.179 billion from a loss of N70 million in 2022.

This improvement could be attributed to better financial management or more favourable financing arrangements. 

The company also gained a finance cost of N448 million from a loss of N957 million reported in 2022. 

The company operates in different product categories, including Food and Home Care.

During this period, they realized N43.1 billion in revenue from their food products business and N38.3 billion in revenue from the home care segment.

This data suggests that their food products segment contributed more to their overall revenue during this period. 

The company had previously announced its intention to exit the home care and skin cleansing business in March.

Production in these segments ceased in June, and sales were halted in September of the current year.

The company mentioned that the financial reporting for these segments is still in progress and will be made available by year-end. 

The company generated just N2.03 billion from the export of its products, while its domestic Nigerian market yielded a substantial N79.5 billion in revenue.