Unilever Nigeria made a pre-tax profit of N21.9 billion in 2023, up 151% from N8.7 billion in 2022. According to the company’s audited financial accounts for 2023, revenue totalled N103.9 billion, up 51.3% from N68.6 billion in 2022.
According to the financial statement, the company’s profit after tax in 2023 was set at N16.4 billion, a 205% rise from the N5.4 billion reported in 2022.
However, due to the discontinuance of certain operations, the firm suffered a loss of N8.0 billion, bringing its net profit for the year to N8.4 billion. Throughout the year, the group’s nutrition products generated N63.3 billion in revenue, while personal care items generated N33.1 billion. The cancelled home care activities earned N10.5 billion in revenue in 2023.
Key Highlights of the Report (FY 2023 against FY 2022)
Revenue: N103.9 billion, +51.3% YoY Cost of sales: N67.9 billion, +61.4% YoY Gross profit: N36.0 billion, +35.4% YoY Selling and distribution expenses: N4.1 billion, +42.3% YoY Marketing and administrative expenses: N16.0 billion, +7.5% YoY Operating profit: N20.3 billion, +139.8% YoY Profit before taxation: N21.9 billion, +151.0% YoY Profit for the year: N8.4 billion, +88.9% YoY.
Unilever announced discontinuing its home care business category in March 2023, effectively halting the production of Omo and Sunlight detergents and Lux soaps.
The discontinuation of this business category was reflected in the company’s audited financial statements as ceased operations and assets held for sales.
Unilever’s cessation of these operations resulted in a 7.2% reduction in total assets, with the value of its property, plant, and equipment falling to N18.8 billion in 2023 from N21.5 billion in 2022.
2023, the company incurred a comparatively minimal foreign exchange loss of N223 million due to the group’s lower foreign currency exposures.
The firm proposes a final dividend of 75 kobo per share for 2023, representing a 200% increase over the 25 kobo per share given in 2022.
