Unilever Nigeria Repositions For Sustained Profitability

Unilever Nigeria Plc said, it will reposition its business model in order to accelerate growth and sustain profitability.

The company made this known in a statement signed by the general counsel, WA & company secretary, Unilever Nigeria, Mrs. Abidemi Ademola, adding that, the firm will make changes to its business model in order to accelerate growth and sustain profitability while enhancing its ability to meet consumer needs. 

She said, the 100-year-old Consumer Goods company will repurpose its portfolio while putting in place measures to make the business more efficient and future fit.

According to the company, “these changes will reposition the Company to better meet the needs of consumers, shareholders, and employees. This will involve; repurposing the portfolio by exiting the Home Care and Skin Cleansing categories to concentrate on higher growth opportunities; strengthening business operations with measures to digitise and simplify processes; and focusing more on business continuity measures that reduce exposure to devaluation and currency liquidity in our business model.

“The exit of these two categories over 2023 will boost the vision to make Unilever Nigeria great, building on the impressive progress made in other key aspects of the business, and is envisaged to result in overall improvement in profitability, growth and a more sustainable Unilever Nigeria plc. business. The Company will in due course review the optimal treatment of redundant resources and assets in accordance with due process.”

Unilever Nigeria for the year ended December 31, 2022 posted profit after tax of N6.341 billion from N3.883 billion in 2021. Revenue grew to N23.952 billion as against N20.850 billion in 2021.

Cost of sales stood at N9.652 billion, lower than N13.890 billion in 2021, while gross profit jumped to N14.301 billion compared to N6.960 billion in 2021.