Unilever Nigeria Reports Impressive 26% Growth in Turnover

• Unilever Nigeria reports a 26% increase in turnover, with N81.6 billion in Q3 2023, compared to N64.8 billion in the same period in 2022
• The company transitions from a loss of N0.3 billion in 2022 to a profit of N1.7 billion in September 2023, attributed to its 4G growth model

Unilever Nigeria Plc has announced a remarkable 26% increase in turnover, as revealed in its unaudited interim report for the nine months ending on September 30, 2023.

According to the company’s Q3 results released on the Nigerian Exchange (NGX) Limited, Unilever Nigeria’s turnover reached N81.6 billion, a substantial rise from the N64.8 billion recorded in the same period in 2022.

The company also posted a gross profit of N19.4 billion for the nine months ending in September 2023, signifying a 13% increase compared to N17.2 billion reported during the corresponding period of the previous year.

One of the most significant highlights of the report was the transition from a loss in the same period of 2022, where Unilever Nigeria recorded a loss of N0.3 billion, to a profit of N1.7 billion in September 2023.

Speaking about these impressive results, Tim Kleinebenne, the Managing Director of Unilever Nigeria, emphasized the company’s commitment to its 4G growth model, characterized by competitive, consistent, profitable, and responsible growth. He noted that operational efficiency, cost optimization, purpose-driven brands, and an expanding market share across key categories underpin Unilever Nigeria’s performance progress.

Kleinebenne also stated that Unilever Nigeria would continue to enhance its operations in the country to meet the needs of its citizens, particularly in health and hygiene, through its range of brands.

As a century-old company and the longest-serving manufacturing company in Nigeria, Unilever Nigeria is dedicated to delivering ongoing socioeconomic impact and investments in Nigeria through its brands and operational activities.

Unilever Nigeria, a locally listed business, has operated for a century, offering well-known brands such as Knorr, Royco, Vaseline, Pepsodent, and Closeup.