Q4 2022: Unilever Nigeria Plc reported 385% growth in pre-tax profits.

Unilever Nigeria Plc has disclosed its 2022 Q4 results, reporting a pre-tax profit of N9.390 billion, a 385.02% increase over the N1.936 billion reported in the same period in 2021.

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Revenue

2022 Q4: N23.952 billion

2021 Q4: N20.850 billion

Change: +14.88%

Cost of Sales

2022 Q4: N9.652 billion

2021 Q4: N13.890 billion

Change: -30.51%

Gross Profit

2022 Q4: N14.301 billion

2021 Q4: N6.960 billion

Change: +105.47%

Operating profit

2022 Q4: N8.034 billion

2022 Q4: N2.319 billion

Change: +246.44%

Net Interest Income

2022 Q4: N1.357 billion

2021 Q4: -N278.123 million

Change: +587.80%

Pre-tax profit

2022 Q4: N9.390 billion

2021 Q4: N1.936 billion

Change: +385.02%

Net Profit after tax

2022 Q4: N6.341 billion

2021 Q4: N3.883 billion

Change: +63.30%

Cash in hand

2022 Q4: N68.177 billion

2021 Q4: N55.698 billion

Change: +22.40%

Bottom line: The consumer goods producer’s profit before tax spiked by more than 385% in three months without any income from discontinued operation, a development that helped its result in the financial year 2021.

The spike was majorly buoyed by a 30.51% decline in the cost of sales and a 587% rise in net interest income.
The latter is driven by N1.83 billion interest income on call deposits and bank accounts.