Unilever Nigeria posts 151% profit growth in 2023, as discontinued operations take its toll 

According to the company’s audited financial statements for 2023, it recorded a revenue N103.9 billion, representing a 51.3% growth from the N68.6 billion posted in 2022.  

According to the financial statement, the company’s profit after tax in 2023 was put at N16.4 billion, marking a 205% increase from the N5.4 billion posted in 2022.

However, with the discontinuation of certain operations, the company incurred a loss of N8.0 billion, thus taking its net profit for the year to N8.4 billion.  

During the year, the group’s nutrition products generated N63.3 billion in revenue, while personal care products generated N33.1 billion in revenue. The group’s discontinued home care operations generated N10.5 billion in revenue in 2023.   

In March 2023, Unilever announced the cessation of its home care business category, essentially ending its production of Omo and Sunlight detergents, as well as Lux soaps.

The cessation of this business category accounted for discontinued operations and assets held for sale in the company’s audited financial statements.  

Unilever’s discontinuation of these operations led to a 7.2% decline in the company’s total assets, as the value of its property, plant and equipment declined to N18.8 billion in 2023 from N21.5 billion in 2022. In 2023, the company accrued a relatively low foreign exchange loss of N223 million, as the group’s foreign currency exposures were quite reduced.  

The company is proposing a final dividend of 75 kobo per share for 2023, representing a 200% increase from the 25 kobo per share paid for 2022.