Unilever Nigeria has concluded a remarkable year with a 51% surge in turnover, reaching an impressive N97.4 billion by the close of December 2023, compared to the N64.6 billion recorded in the same period of 2022.
Unveiling its unaudited interim report for the 12 months ending December 31, 2023, Unilever, renowned for household brands like Knorr, Royco, Vaseline, Pepsodent, and Closeup, showcased robust financial performance.
The company’s gross profit for the full year amounted to N29.8 billion, indicating a significant 13% increase from the N26.3 billion reported in the corresponding period in 2022.
Net profit for the entire business witnessed an impressive 91% surge, reaching N8.5 billion in the period ending December 31, 2023, compared to the N4.5 billion net profit in 2022.
Adjusting for portfolio changes made in 2023, the net profit from ongoing operations experienced a remarkable 106% increase, reaching N12.3 billion for the period ending December 31, 2023, compared to the like-for-like portfolio net profit of N6.0 billion in the corresponding period of 2022.
Tim Kleinebenne, Managing Director of Unilever Nigeria, expressed optimism about these results, stating, “These positive results show that Unilever Nigeria remains focused on delivering competitive, consistent, profitable, and responsible growth. Unilever Nigeria made great progress in 2023 through operational efficiency, cost optimization, the right portfolio of purposeful brands, and increasing market share across key categories.”
He added, “Unilever Nigeria will continue to strengthen its operations in the country to meet citizens’ needs through our best brands, our people, and our operations.”
