H1 2024: Unilever Reports 7.3% Increase in Profit to N6.28bn

Kayode Tokede

Unilever Nigeria Plc, has announced its unaudited interim report for half year ended June 30, 2024 with N6.28 billion profit before tax, about 7.3 per cent increase from N5.85 billion reported in half year ended June 30, 2022.

The household company listed on the Nigerian Exchange Limited (NGX) in its profit & loss figures declared N4.44 billion profit in H1 2024, representing 8.3 per cent growth from N4.1 billion declared in H1 2023.

 The company recorded revenue of N63.9 billion in the period under review which represents 41per cent  topline growth compared to N45.3 billion revenue recorded in the corresponding period in 2023.

The company recorded a gross profit of N26.2 billion in H1 2024 which is 100per cent increase versus N13.1 billion reported for H1 2023.

Speaking on the results, the Managing Director, Tim Kleinebenne, in a statement said, “We are pleased with our commitment to stay in Nigeria as the longest serving manufacturing company in the country. As a company that has stayed over a centenary in Nigeria, we are not just here to stay, but we are very convinced that the opportunities in Nigeria are more than the challenges.”

“Our H1, 2024 unaudited results with a topline growth at 41per cent, is a testament that with our Growth Action Plan (GAP) we are committed to serving consumers with our best brands to meet their daily needs of improved health and hygiene. Unilever Nigeria is pleased with its performance progress riding on the pillars of operational efficiency, cost optimization, purposeful brands and increasing market share across key categories,” Kleinebenne, said.

The shareholders of Unilever Nigeria had approved the N0.75 kobo per share dividend payout for its 2023 financial year, an increase from the 25kobo declared in 2022.

Thas declared dividend is estimated at N4.31 billion for the year ended December 2023. The declaration follows an impressive growth in revenue of N103.9 billion in 2023, representing a 51.3per cent growth compared to N68.6 billion recorded in 2022.

According to the 2023 financial statement, the household company’s profit after tax stood at N16.4 billion in 2023, a growth of 205.2 per cent from N5.4 billion in 2022.

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.