Unilever Nigeria Plc has released its annual report for the year ended December 31, 2023, showcasing a remarkable increase in revenue compared to the previous year. The multinational consumer goods company disclosed a revenue of ₦103,879,730,000 for 2023, marking a substantial surge from ₦68,637,363,000 recorded in 2022.
The company’s gross profit also witnessed a notable rise, reaching ₦36,024,275,000 in 2023 compared to ₦26,600,607,000 in the previous year. This increase in revenue and gross profit demonstrates Unilever Nigeria’s resilience and effective operational strategies despite prevailing market challenges.
Operating profit for the year amounted to ₦20,259,990,000, reflecting the company’s ability to efficiently manage its selling, distribution, and administrative expenses. Additionally, Unilever Nigeria reported a significant improvement in finance income, totaling ₦4,674,027,000, compared to ₦1,421,616,000 in 2022.
Profit before taxation stood at ₦21,891,792,000, highlighting the company’s strong financial performance and effective tax management strategies. Unilever Nigeria recorded a profit from continuing operations of ₦16,414,410,000, indicating sustained profitability in its core business activities.
Despite facing challenges in discontinued operations, resulting in a loss of ₦7,974,515,000, Unilever Nigeria achieved a substantial profit for the year amounting to ₦8,439,895,000. This profit represents a significant increase from ₦4,467,084,000 reported in the previous year, underscoring the company’s resilience and commitment to delivering value to its stakeholders.
Furthermore, Unilever Nigeria disclosed other comprehensive income, including items that will not be reclassified to profit or loss, such as the remeasurement of post-employment benefit obligations. The company reported total comprehensive income of ₦8,380,638,000 attributable to the owners of the company, reflecting its comprehensive financial performance for the year.
Earnings per share for profit attributable to equity holders showed a notable improvement, with basic and diluted earnings per share amounting to ₦1.47 compared to ₦0.78 in the previous year. Basic and diluted earnings per share from continuing operations also witnessed a significant increase, reaching ₦2.86 compared to ₦0.94 in 2022.
The management of Unilever Nigeria remains optimistic about the company’s future prospects and is committed to sustaining its growth momentum through innovative products, strategic investments, and operational excellence. With a robust financial foundation and a focus on delivering value to its customers and shareholders, Unilever Nigeria is poised for continued success in the years ahead.
