Unilever Nigeria reports 26% turnover increase in nine months

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Unilever Nigeria reports 26% turnover increase in nine months
Credit: © Reuters.

Unilever (LON: ULVR ) Nigeria Plc has reported a significant 26% increase in turnover for the first three quarters of 2023, reaching N81.6 billion. This marks a substantial rise from N64.8 billion recorded during the same period in 2022. The gross profit also saw an increase, climbing 13% to N19.4 billion in the said period.

The company's interim report for Q1-Q3 2023 reveals a notable financial recovery, as it managed to turn around a loss of N0.3 billion in 2022 into a profit of N1.7 billion from continuing operations this year. This is in line with the InvestingPro Tip indicating that the company has been profitable over the last twelve months and analysts predict continued profitability this year.

Attributing this success to the company's commitment to the 4G growth model and operational efficiency, Managing Director Tim Kleinebenne stated that Unilever Nigeria is steadily increasing its market share across key categories.

The longest-serving manufacturer in Nigeria, Unilever remains dedicated to cost optimization and promoting health and hygiene through its purposeful brands. This commitment is reflected in the company's high return on assets of 10.94%, as per InvestingPro's data, highlighting its efficient use of resources to generate earnings.

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