Unilever Nigeria Plc, a leading consumer goods company, has released its unaudited interim financial statements for the six months ended June 30, 2023, showcasing a robust performance in its core operations. The financial results reveal significant growth in revenue and profit, positioning the company on a strong trajectory for the year.
For the three months ended June 30, 2023, Unilever Nigeria reported revenue of N29.6 billion, indicating a substantial increase from N23.2 billion in the same period of the previous year. The rise in revenue was attributed to strong sales and market demand for the company’s diverse product portfolio.
The gross profit for the quarter stood at N2.49 billion, a noteworthy improvement from N7.03 billion in the corresponding quarter of 2022. While the selling and distribution expenses slightly increased, marketing and administrative expenses were well-managed, enabling the company to maintain a competitive edge in the market.
Despite an impairment loss on trade and intercompany receivables, Unilever Nigeria recorded other income of N26.3 million, contributing positively to its operating profit. The net finance income amounted to N3.45 billion, reflecting prudent financial management strategies that resulted in a significant improvement compared to the previous year.
For the six months ended June 30, 2023, Unilever Nigeria’s revenue surged to N54.2 billion, showcasing a remarkable growth trajectory compared to N43.8 billion reported in the same period in 2022. The company’s cost of sales was efficiently managed at N41.1 billion, ensuring a healthy gross profit of N13.1 billion.
Unilever Nigeria’s operating profit for the first half of 2023 amounted to N1.28 billion, displaying resilience and adaptability in a challenging economic environment. The net finance income of N3.24 billion further bolstered the company’s financial performance.
The positive financial results are attributed to Unilever Nigeria’s commitment to delivering high-quality products to its diverse customer base, as well as its prudent financial management strategies. The company’s ability to navigate economic uncertainties while maintaining profitability has contributed to its strong market position.
The total comprehensive income for both the three and six-month periods showed positive figures, indicating a consistent and promising performance by the company. Unilever Nigeria’s earnings per share for profit attributable to equity holders were recorded at N0.02 for the three-month period and N0.48 for the six-month period, reflecting the company’s ability to create value for its shareholders.
With these impressive financial results, Unilever Nigeria is well-positioned to continue its growth trajectory in the Nigerian market. The company’s focus on innovation, customer satisfaction, and sustainable business practices further reinforces its commitment to creating long-term value for all stakeholders.
As the company continues its operations, investors and stakeholders eagerly await its audited financial statements, expected to provide a more comprehensive overview of Unilever Nigeria’s performance for the first half of 2023.