Unilever Nigeria Celebrates Remarkable 51% Surge in Turnover, Reaching N97.4 Billion in 2023

In a notable achievement, Unilever Nigeria marked the end of 2023 with an impressive 51% increase in turnover, soaring to a noteworthy N97.4 billion by December, compared to the N64.6 billion reported in the corresponding period of 2022.

Unveiling its unaudited interim report for the 12 months ending December 31, 2023, Unilever, renowned for household brands like Knorr, Royco, Vaseline, Pepsodent, and Closeup, reported a gross profit of N29.8 billion for the entire year. This reflects a substantial 13% growth from the N26.3 billion recorded in the same period in 2022.

The company’s net profit for the overall business witnessed an impressive surge of 91%, reaching N8.5 billion by December 31, 2023, as opposed to the N4.5 billion net profit in the corresponding period of 2022.

Adjusting for portfolio changes made in 2023, the net profit from ongoing operations demonstrated an even more remarkable growth, soaring by 106% to N12.3 billion for the period ending December 31, 2023. This stands in stark contrast to the like-for-like portfolio net profit of N6.0 billion in the corresponding period of 2022.

Tim Kleinebenne, Managing Director of Unilever Nigeria, expressed confidence in these results, stating, “These positive results showcase Unilever Nigeria’s unwavering commitment to delivering competitive, consistent, profitable, and responsible growth. The company made significant strides in 2023 through operational efficiency, cost optimization, a purposeful brand portfolio, and increased market share across key categories.” He added, “Unilever Nigeria will persist in strengthening its operations in the country to meet citizens’ needs through our best brands, our people, and our operations.”

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