Business
Unilever Nigeria’s Impressive Growth: A Deep Dive into the Q1 2024 Interim Unaudited Report
Unilever Nigeria’s Impressive Growth: A Deep Dive into the Q1 2024 Interim Unaudited Report
Unilever Nigeria Plc recently unveiled its unaudited interim report for the first quarter of 2024, showcasing remarkable growth and financial performance. The company’s strategic efforts and commitment to excellence have resulted in a significant upsurge in key financial metrics, setting a positive trajectory for the future.
In the period ending on 31st March 2024, Unilever Nigeria achieved a substantial turnover of N32.3 billion, marking a substantial 58% increase compared to the N20.5 billion turnover recorded in the corresponding period in 2023. This robust growth in topline revenue underscores the company’s ability to capture market opportunities and meet consumer demands effectively.
Furthermore, the company reported a gross profit of N13.5 billion for the same period, reflecting a notable 39% surge from the N9.7 billion reported in the previous year. This increase in gross profit highlights Unilever Nigeria’s operational efficiency and strategic pricing initiatives that have contributed to enhancing profitability.
Notably, Unilever Nigeria’s profit from continuing operations stood at N3.4 billion for the first quarter of 2024, showcasing a 19% growth compared to the corresponding period in 2023, where a profit of N2.8 billion was reported. The company’s focus on sustainable growth and value creation is evident in its consistent financial performance and commitment to delivering shareholder value.
In terms of net profit, Unilever Nigeria reported a significant increase, reaching N3.4 billion for the period ended 31st March 2024, compared to N2.7 billion in 2023, representing a commendable 26% growth. This positive financial outcome underscores the company’s strong market position, brand resilience, and effective management of operational costs.
Tim Kleinebenne, the Managing Director of Unilever Nigeria, expressed satisfaction with the company’s performance, attributing the success to the implementation of the Growth Action Plan. He emphasized Unilever’s dedication to providing consumers with high-quality brands that cater to their daily needs for improved health and hygiene. The pillars of operational efficiency, cost optimization, purposeful brands, and market share expansion have been instrumental in driving Unilever Nigeria’s growth trajectory.
As a longstanding manufacturing company in Nigeria, Unilever remains committed to creating a positive socioeconomic impact and fostering investment in the country through its diverse portfolio of brands and operational excellence. With a legacy of over 100 years in Nigeria, Unilever Nigeria continues to be a trusted provider of Beauty & Wellbeing, Personal Care, Home Care, Nutrition, and Ice Cream products, enriching the lives of millions of consumers across the nation.
In conclusion, Unilever Nigeria’s stellar performance in the first quarter of 2024 underscores its resilience, strategic focus, and unwavering commitment to delivering value to stakeholders. The company’s growth trajectory and financial achievements position it as a market leader in the FMCG sector, setting a solid foundation for sustained success in the future.
About Unilever:
Unilever is a global powerhouse in Beauty & Wellbeing, Personal Care, Home Care, Nutrition, and Ice Cream products, serving consumers in over 190 countries worldwide. Unilever Nigeria, a locally listed entity with a rich history spanning a century, offers a diverse range of brands such as Knorr, Royco, Vaseline, Rezona, Pears, Pepsodent, and Closeup, catering to the diverse needs of Nigerian consumers and contributing to the nation’s economic development.
