NIGERIA – Unilever Nigeria Plc, a prominent consumer goods manufacturer, has reported significant revenue growth in its unaudited interim financial statements for the nine months ending September 30, 2023.

According to the financial report filed with the Nigerian Exchange Limited, Unilever Nigeria achieved a remarkable 25.95% increase in revenue, reaching approximately US$106.81 million during the nine-month period, compared to around US$84.92 million in the same period in 2022.

The company also reported a profit of approximately US$2.19 million during this period, in stark contrast to the approximately US$456,680 loss recorded in the corresponding period of 2022.

In the third quarter, the company continued to demonstrate resilience, reducing its losses by approximately 51.60%, bringing the loss down to approximately US$1.43 million from approximately US$2.95 million in the third quarter of 2022.

Notably, the revenue for the three months soared by approximately 30.57%, reaching around US$35.86 million, up from approximately US$27.55 million in the same period last year.

The financial cost surged by approximately 215% to approximately US$1.35 million during Q3, 2023, compared to approximately US$430,280 in Q3, 2022. This was compounded by a tax expense of approximately US$1.94 million.

Additionally, the company witnessed a noteworthy turnaround in its profitability. It reported an operating profit of approximately US$585,215 for the three months ending September 2023, which is a substantial improvement compared to the operating loss of approximately US$3.42 million in the same period in 2022.

The nine-month operating profit for 2023 stands at approximately US$2.26 million, reflecting an exceptional improvement from the approximately US$713,930 operating profit for the same period in 2022.

According to the company’s net finance income for the three months ending September 2023 surged to approximately US$1.28 million from a loss of approximately US$430,280 in the same period in 2022.

In addition, finance income increased to approximately US$3.59 million in the nine months ending September 2023 from approximately US$1.16 million in the same period in 2022. Effective financial management played a vital role in driving these positive financial results.

Unilever Nigeria segments its business into two key categories – Food Products (FP) and Home & Personal Care Products (HPC).

Notably, the focus on food products led to impressive financial performance. Revenue in the food segment for the nine months ending September 2023 stood at approximately US$19.79 million.

Earlier this year, Unilever Nigeria Plc decided to exit the home care and skin cleansing category.

This strategic move involved ceasing production for the home care category in June 2023, with sales ending in September. This aligned with Unilever’s efforts to reshape its business model and enhance growth prospects.