Unilever Nigeria records N6.57b profit after tax in Q3
By Oluwaseyi Lawal
Unilever Nigeria Plc, a personal and household product company in the FMCG sector has recorded a profit after tax of N6.57b in it’s unaudited report for Q3 2024.
During the review period, the company achieved a turnover of N103.8 billion, reflecting a 46% growth compared to the N71.2 billion recorded in the same period of 2023.
For the period ending September 30, 2024, the company reported a gross profit of N42.9 billion, marking an 88% increase from the N22.8 billion reported in the previous year.
The overall performance resulted in a net profit of N11 billion for the period ending September 30, 2024, which is a 47% rise from the N7.5 billion recorded during the same period in 2023.
Commenting on the report, the Managing Director of Unilever Nigeria plc, Tim Kleinebenne, said, “the consistency in our quarter-on-quarter sustained growth and performance remains a testament that with our Growth Action Plan (GAP), we are committed to serving consumers with our best brands to meet their daily needs of improved health and hygiene.”
“Unilever Nigeria is pleased with its performance progress riding on the pillars of operational efficiency, cost optimization, purposeful brands and increasing market share across key categories.”
“Unilever Nigeria will continue to strengthen its operations in the country to meet citizens’ health and hygiene needs through our brands and products.” He added.
Selling and distribution costs increased to N4.49 billion, up from N2.722 billion, while marketing and administrative expenses surged to N25.55 billion from N10.444 billion. This resulted in an operating profit of N6.674 billion, compared to N4.756 billion in the prior period. Impairment losses on trade and other receivables rose to N2.878 billion from N1.722 billion, and other income grew to N163.423 million, up from N93.087 million. Overall, operating profit reached N10.131 billion, compared to N7.964 billion previously.
Finance income climbed to N6.772 billion from N5.305 billion, while finance expenses increased to N2.943 billion, compared to N2.572 billion, resulting in net finance income of N3.829 billion, up from N2.733 billion.
Profit before tax rose to N13.96 billion from N10.697 billion, with tax expenses decreasing slightly to N2.951 billion from N3.237 billion, leading to a net profit of N11.009 billion, up from N2.669 billion. This translated to an Earnings Per Share of N1.92, compared to N1.30 for the same nine-month period last year.
Breaking down the revenue, sales of food products contributed N61.403 billion, up from N43.182 billion; personal care products brought in N34.67 billion, compared to N23.411 billion; and beauty and wellness products generated N7.774 billion, up from N4.612 billion.
The majority of the company’s revenue came from the Nigerian market, totaling N100.61 billion, up from N69.244 billion. Revenue from exports (sales outside Nigeria) also increased, reaching N3.238 billion, compared to N1.961 billion in the previous period.
RECOMMENDED ARTICLES
Comment
No comments found.