Unilever Nigeria Plc, a leading multinational consumer goods company, has reported an impressive N81.57 billion in revenue for a period nine months ending September 30, 2023.
According to the company’s latest financial report filed with the Nigeria Exchange Limited, Unilever Nigeria generated a total revenue of N81.57 billion during this period, marking a 25.95% increase compared to the N64.76 billion it generated in the same period last year.
This boost in revenue is a positive sign for the company, which also managed to turn a profit after tax of N1.669 billion for the nine-month period. This demonstrates a significant improvement from the previous year when the company reported a loss of N348 million as of September 30, 2022.
Unilever Nigeria’s profit before tax stood at N4.90 billion, with a tax payment of N3.23 billion in the period under review.
The company also saw a remarkable improvement in its net finance income, increasing to N3.179 billion from a loss of N70 million in 2022. This improvement could be attributed to better financial management or more favorable financing arrangements.
Revenue breakdown by product categories reveals that Unilever Nigeria’s food products business contributed N43.1 billion in revenue, while the home care segment generated N38.3 billion. This suggests that the food products segment had a larger impact on the company’s overall revenue during this period.
In March, Unilever Nigeria had announced its intention to exit the home care and skin cleansing business. Production in these segments ceased in June, and sales were halted in September. The company mentioned that financial reporting for these segments is still in progress and will be made available by year-end.
While the company generated N2.03 billion from the export of its products, the domestic Nigerian market proved to be the main revenue driver, yielding a substantial N79.5 billion. Unilever Nigeria’s strong revenue growth and return to profitability indicate a promising outlook for the company in the coming months.