Unilever Nigeria posted a pre-tax profit of N21.9 billion in 2023, showing a 151% rise from the N8.7 billion posted in 2022.
The company, according to its audited financial statements for the year 2023, recorded revenue of N103.9 billion representing a growth of 51.3% over the sum of N68.6 billion achieved in 2022.
In the statement, N16.4 billion profit after tax was recorded for 2023, representing a 205% increase when compared to N5.4 billion, reported in 2022.
However, the company reported a loss of N8.0 billion and its net profit for the year was $8.4 billion as it stopped certain aspects of operation.
In the year, nutrition products accounted for N63.3 billion in revenue, and personal care products amounted to 33.1 billion. In 2023, the group generated revenue of N10.5 billion from its discontinuing home care services.
Key Highlights (FY 2023 vs FY 2022)
Revenue: N103.9 billion, +51.3% YoY
Cost of sales: N67.9 billion, +61.4% YoY
Gross profit: N36.0 billion, +35.4% YoY
Profit before taxation: N21.9 billion, +151.0% YoY
Profit for the year: N8.4 billion, +88.9% YoY
Recall that Unilever in March 2023, announced the termination of its home care business category, particularly ending the production of Lux soap, OMO, and sunlight detergents.
The discontinuation of these operations has resulted in a 7.2% decline in total assets.
The company proposes to pay a dividend of 75 kobo for 2023 which represents a 200% increase from the 25 kobo paid in 2022.
