• Revenue: N103.84 billion, a 45% year-on-year increase
  • Cost of Sales: N60.95 billion, a 26% year-on-year increase
  • Gross Profit: N42.89 billion, an 88% year-on-year increase
  • Operating Profit: N10.13 billion, a 27% year-on-year increase
  • Finance Cost: N2.94 billion, a 14% year-on-year increase
  • Net Finance Income: N3.82 billion, a 40% year-on-year increase
  • Profit Before Tax: N13.96 billion, a 31% year-on-year increase
  • Taxation: N2.95 billion, a 9% year-on-year decline
  • Profit for the Period: N11.00 billion, a remarkable 563% year-on-year increase
  • Earnings Per Share (EPS): N1.92k, a 48% year-on-year increase

Unilever Nigeria Plc has announced a Profit Before Tax of N13.96 billion for the first nine months of 2024, reflecting a 30.58% increase from the N10.69 billion reported during the same period in 2023.

This information is derived from the company's third quarter financial results for the period ending September 30, 2024, which were released on the Nigerian Exchange (NGX).

The financial report indicates that Unilever's revenue surged from N71.20 billion in the first nine months of 2023 to N103.84 billion in 2024.

Additionally, in the third quarter of 2024, the company successfully turned around its losses from the third quarter of 2022, achieving a profit after tax of N6.57 billion, in contrast to a loss of N1.09 billion recorded previously.

In the review period, the majority of the company's revenue was generated from the food product segment, which saw an increase from N43.18 billion between January and September 2023 to N61.40 billion in the same timeframe of 2024.

Moreover, the personal care segment contributed N34.67 billion, marking a 48% rise from N23.41 billion in the corresponding period of 2023. The beauty product segment also experienced growth, increasing from N4.61 billion to N7.77 billion during the review period.

The food product division of the company accounted for an impressive 59% of its total revenue during the reviewed period. This segment includes a variety of food and beverage items such as Gino tomato paste, pasta, malt, and beer.

In addition, the personal care segment, which encompasses products like diapers, cosmetics, wipes, and body reliefs, contributed 33% to the company’s revenue during the same timeframe, while the beauty product category made up a modest 7.4% of total revenues.

A significant portion of the company’s revenue was generated domestically, with exports to other countries accounting for less than 3%, totaling N3.23 billion during the reviewed period.

The release of the company's financial results did not have an immediate impact on its share price, which remained steady at N19 per share. Over the past year, the company’s share price reached a high of N21.7k per share on the Nigerian Stock Exchange.