Unilever Nigeria Plc reported a robust financial performance for 2023, witnessing substantial increases in both revenue and profits after tax.
The consumer goods company’s revenue saw a significant surge, reaching ₦97.43 billion, a noteworthy rise from ₦64.64 billion in the previous year.
Correspondingly, profits after tax also experienced a considerable climb to ₦8.54 billion, up from ₦4.47 billion, highlighting a healthy growth trajectory for the firm.
Despite these positive indicators, Unilever Nigeria encountered challenges, including a ₦3.73 billion loss from discontinued operations. Furthermore, the company’s operating cash flow faced a downturn, decreasing to ₦2.69 billion.
However, these setbacks were mitigated by a substantial increase in finance income, which reached ₦17.13 billion.
This boost in finance income stemmed from earnings related to interest on call deposits and bank accounts, along with a promissory note discount linked to the Federal Government Export Expansion Grants. These factors contributed significantly to the company’s overall financial gains.
The earnings per share (EPS) for Unilever Nigeria also mirrored the company’s positive performance, aligning with the notable increases in revenue and profit.
