2023 Unaudited Report: Unilever Nigeria Records N51% Turnover Growth

Unilever Nigeria Plc has recorded a turnover of N97.4 billion for the year ended December 31, 2023, representing 51 per cent growth  compared to N64.6 billion in the corresponding period in 2022.

According to unaudited interim report, the company recorded a gross profit of N29.8 billion, which is 13 per cent increase, up from N26.3billion reported in 2022.

Net profit for the total business grew 91 per cent to N8.5 billion compared to the N4.5 billion net profit from the corresponding period in 2022.

Net profit from ongoing operations, adjusting for portfolio changes made in 2023, grew 106 per cent to N12.3 billion as against N6.0 billion for the corresponding period in 2022.

Commenting, the Managing Director of Unilever Nigeria, Tim Kleinebenne, said: “These positive results show Unilever Nigeria remains focused on the delivery of competitive, consistent, profitable and responsible growth. Unilever Nigeria made great progress in 2023 through operational efficiency, cost optimization, the right portfolio of 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 through our best brands, our people and our operations.

“As the longest serving manufacturing company in Nigeria that celebrated its 100-year anniversary in 2023, Unilever Nigeria is here to stay, fully committed to carry on serving Nigerians with great locally made brands while making a positive socioeconomic contribution to the country.”

Unilever is one of the world’s leading suppliers of beauty and wellbeing, personal care, home care, nutrition, and ice cream products, with sales in over 190 countries and products used by 3.4 billion people every day. 

Unilever Nigeria is a locally listed business that has been operating for over 100 years selling brands such as Knorr, Royco, Vaseline, Pepsodent and Close up.