Unilever Nigeria Declares  26% Growth in Turnover to N81.6bn

Kayode Tokede

Unilever Nigeria Plc has released its unaudited interim report for the nine months period ended September 30, 2023 with about N81.6 billion turnover, representing an increase of  26 per cent when compared to N64.8 billion turnover recorded in the corresponding period in 2022.

The company recorded a gross profit of N19.4 billion for the period ended 30th September 2023 which is 13 per cent increase versus N17.2 billion reported for same period last year.

The result showed a profit for the period from continuing operations of N1.7 billion for the period ended September 30, 2023 compared to a loss for the corresponding period in 2022 of -N0.3 billion which is 580 per cent up versus 2022.

Speaking on the results, the Managing Director, Tim Kleinebenne, in a statement said, “Unilever Nigeria remains focused on the delivery of its 4G growth model of competitive, consistent, profitable, and responsible growth. Unilever is pleased with its performance progress riding on the pillars of operational efficiency, cost optimization, purposeful brands and increasing market share across key categories.”

“Unilever Nigeria will continue to strengthen its operations in the country to meet citizen’s needs in health and hygiene through our brands. As a centenary old company and the longest serving manufacturing company in Nigeria, Unilever Nigeria is committed to ensuring continuous socioeconomic impact and investment in Nigeria through its brands and operations, “he added.

Meanwhile, investors’ profit-taking in Stanbic IBTC Holdings Plc, Geregu Power Plc, among others, depreciated the stock market of the Nigerian Exchange Limited (NGX) by N156billion in its Week-on-Week (WoW) performance in market capitalisation at the close of business last Friday.  

With Stanbic IBTC dropping by 13.1per cent and Geregu Power deprecating by 7.2per cent, the market capitalisation closed lst week at N36.764trillion, dropping N156billion from N36.92trillion it opened for trading.

Major drivers of the week’s loss outweighing gains in Zenith Bank that gained 3.28per cent WoW, Guaranty Trust Holdings Company (GTCO) gained 2.31 per cent WoW, and Access Holdings rose by 3.79per cent WoW.

The NGX AALl-Share Index down by 0.42per cent or 285.28basis points to close Friday at 66,915.41 basis points from 67,200.69 basis points it opened for trading, bringing the Month-till-Date (MtD) and Year-till-Date (Ytd) returns moderated to +0.8per cent and +30.6per cent, respectively.