Unilever Nigeria Records 51% Turnover Growth In 2023

Unilever Nigeria has capped off a stellar year with a 51% surge in turnover, reaching a remarkable N97.4 billion by the end of December 2023, compared to the N64.6 billion recorded in the corresponding period of 2022.

Unilever, known for Household brands like Knorr, Royco, Vaseline, Pepsodent, and Closeup, unveiled its unaudited interim report for the 12 months ending December 31, 2023 this week.

The company’s gross profit for the full year amounted to N29.8 billion, reflecting a 13% increase from N26.3 billion reported in the same period in 2022.

Net profit for the entire business surged by 91%, reaching N8.5 billion in the period ending December 31, 2023, as opposed to the N4.5 billion net profit in the corresponding period of 2022.

When adjusting for portfolio changes made in 2023, the net profit from ongoing operations soared by an impressive 106%, 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 Unilever Nigeria remains focused on the delivery of 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.”