Unilever Nigeria reports N149.5 billion full-year revenue as profits rise 3% in 2024, declares final dividend 

This represents a 43.94% increase compared to the N103.8 billion reported the previous year, with domestic sales contributing significantly at N145.6 billion.

In terms of product categories, nutrition and personal care generated the bulk of the revenue, with figures of N92.6 billion and N43.9 billion, respectively.

The company reported a pre-tax profit of N22.6 billion for FY 2024, which is a slight increase of 3.46% from the N21.8 billion reported the previous year.

Additionally, Unilever announced a final dividend of N1.25 kobo gross for each ordinary share of 50 kobo, subject to withholding tax and necessary approvals.

This dividend will be paid to shareholders listed in the Register of Members as of the close of business on Friday, April 25, 2025.

Unilever Nigeria Plc reported an increase in full-year revenue in its audited financial report for 2024, posting N149.5 billion compared to N103.8 billion for the entirety of 2023.

However, the cost of sales saw a notable increase of 36.05%, rising from N69.3 billion the previous year to N94.3 billion.

Despite the rising costs, the company reported a growth in gross profit, which increased by 59.80% year-over-year, from N34.5 billion to N55.1 billion.

Other income also took a hit, declining to N621.9 million from N933.2 million in the prior year.

Consequently, the company’s operating profit slipped from N20.2 billion in the previous year to N18.3 billion in FY 2024.

On a positive note, finance income surged by 46.15%, reaching N6.8 billion, primarily due to call deposit and bank account interest, alongside net exchange gains on foreign currency translations.

Ultimately, Unilever achieved a modest pre-tax profit increase of 3.46% year-over-year, amounting to N22.6 billion, compared to N21.8 billion in 2023.

Unilever Nigeria Plc’s total assets reached N141.6 billion, representing a 21.79% increase from N116.3 billion reported the previous year. This growth highlights a solid expansion in the company’s asset base.

Total equity rose to N85.1 billion, up from N74.5 billion in the prior year.