Unilever Nigeria records 25.5% revenue growth amid headwinds

For the business year ended December 31, 2022, Unilever, one of Nigeria’s major consumer goods firm grew its revenue by 25.5 percent to N88.5 billion from N70.5 billion recorded in the previous year.

Despite the impact of FX volatility, worsening power supply, and supply chain disruptions on its business operations, the company recorded operating profit of N4.4 billion, up 549 percent from N0.7 million recorded in 2021.

Unilever recorded a gross profit of N31.1 billion for the year ended 31st December 2022 which is 53 percent higher than N20.3 billion reported for same period last year.

“Unilever Nigeria remains focused on the delivery of its 4G growth model of competitive, consistent, profitable, and responsible growth,” said Carl Cruz, managing director of Unilever Nigeria while commenting on the results in a statement.

“Unilever is pleased with its performance progress riding on the pillars of operational efficiency, cost optimization, purposeful brands and increasing market share across key categories,” Cruz said.

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“Unilever Nigeria will continue to strengthen its operations in the country to meet citizen’s needs in health and hygiene through our brands and products,” he added.

Overall, Unilever recorded net profit of N4.4 billion for the year ended 31st December 2022 compared to a profit for the corresponding year in 2021 of N3.4 billion (including profit from discontinued operations).

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