Unilever Nigeria Plc reported a profit before tax of N13.96 billion for the first nine months of 2024, marking a 30.58% increase from N10.69 billion in the same period of 2023. This information comes from the company’s third-quarter financial results, which were posted on the Nigerian Exchange (NGX) and cover the period ending September 30, 2024.
According to the financial results, Unilever’s revenue for the nine months rose from N71.20 billion in 2023 to NN103.84 billion. Notably, in the third quarter of 2024, the company reported a profit after tax of N6.57 billion, reversing the loss of N1.09 billion recorded in the same quarter of 2022.
Key Highlights of the Report
Revenue: NN103.84 billion, +45% increase year-over-year (YoY)
Cost of Sales: N60.95 billion, +26% increase YoY
Gross Profit: N42.89 billion, +88% increase YoY
Operating Profit: N10.13 billion, +27% increase YoY
Finance Cost: N2.94 billion, +14% increase YoY
Net Finance Income: N3.82 billion, +40% increase YoY
Profit Before Tax: N13.96 billion, +31% increase YoY
Taxation: N2.95 billion, -9% decline YoY
Profit for the Period: N11.00 billion, +563% increase YoY
Earnings Per Share (EPS): N1.92k, +48% increase YoY
In the period under review, the majority of the company’s revenue came from its food product segment, which increased from N43.18 billion between January and September 2023 to N61.40 billion in the same period of 2024. The personal care segment generated N34.67 billion, an increase of 48% from N23.41 billion in the corresponding period of 2023, while the beauty product segment grew from N4.61 billion to N7.77 billion.
The food product segment accounted for 59% of the company’s total revenue during this period, with products including Gino tomato paste, pasta, malt, and beer. Additionally, the personal care business, which features diapers, cosmetics, wipes, and body relief products, contributed 33% of the revenue, while the beauty product segment represented 7.4%.
Most of the company’s revenue was generated locally, with less than 3% (N3.23 billion) coming from exports to other countries. The release of the company’s results did not affect its share price, which remained stable at N19 per share. Over the past year, the company’s share price peaked at N21.70 per share on the NGX.
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