Unilever Nigeria Grows Profit by 559% in Third Quarter
Consumer goods company, Unilever Nigeria Plc, profit grew by more than 559% year on year to N11 billion, details from the consumer goods company unaudited financial statement showed.
In the first nine months in financial year 2024, Unilever Nigeria Plc saw about 46% year on year growth in revenue which printed at N103.848 billion from N71.206 billion in the comparable period.
The consumer goods company recorded more than 88% year on year growth in gross profit in the nine months of financial year 2024, from N22.761 billion to N42.892 billion.
Gross profit surged strongly as the company’s cost of sales growth undercut an increase in revenue in the period. Costs of sales rose by 25.82% year on year to N60.955 billion from N48.444 billion in the comparable period.
Unilever Nigeria’s bottom line was also supported by 75.56% year on year increase in the company’s other income line which came in at N163.4 million from N93 million. The company doubled down on its marketing efforts, with a spike in distribution expenses amidst a double-digit inflation trend in the Nigerian market.
Its operating profit came in more than 27% higher in the period, settling at N10.131 billion from N7.964 billion 12 months earlier. A 40% increase in net finance income supported pretax profit growth in 9 months result, details of the financial statement reviewed by MarketForces Africa showed.
Unilever Nigeria Plc pretax profit was more than 30% higher, settling at N13.96 billion from N10.697 billion. The fast moving consumer players reported that its profit climbed to N11 billion, 559.25% above N1.669 billion posted in the comparable period in 2023. # Unilever Nigeria Grows Profit by 559% in Third Quarter FX Stability: CBN Sells 122.671m Dollars to 46 Authorised Dealers
