Unilever posts N4.9bn profit

• Published On: 30 January 2025 at 05:18

Unilever Nigeria Plc has announced a decline in its quarterly profit for the fourth quarter of 2024, reporting a profit of N4.9 billion, a 29% decrease from N6.87 billion in the same period in 2023.

According to its financial statement filed on Wednesday with the Nigeria Exchange Limited, the company's revenue for the quarter ended December 31, 2024 increased by 50 percent to N45.9 billion, up from N30.5 billion in Q4 2023.

However, this growth was overshadowed by a 38% increase in the cost of sales, which rose to N33 billion from N23.96 billion in the same quarter of 2023.

Despite the increase in revenue, Unilever's gross profit was N12.9 billion, up 96% from N6.59 billion in Q4 2023.


The company's operating profit for the quarter was N7.48 billion, a 42 percent decrease from N12.85 billion in Q4 2023.

Unilever's selling and distribution expenses increased by 22%, from N1.36 billion in Q4 2023 to N1.66 billion in Q4 2024, as the company ramped up marketing activities to strengthen its market position.

Meanwhile, marketing and administrative expenses increased by more than 278 percent, from N1.22 billion in Q4 2023 to N4.61 billion in Q4 2024.


Despite the cost increases, Unilever reported an impairment write-back on trade and other receivables totalling N717.25 million, up from N5.51 billion in Q4 2023.

Unilever's net finance income improved dramatically, with the company recording N302.5 million in Q4 2024, up from a net finance loss of N2.62 billion the previous year.

Finance income was N390.7 million in Q4 2024, down from N1.33 billion in Q4 2023, while finance costs fell by 98 percent, from N3.96 billion to N88.2 million.

Profit before tax for the quarter was N7.78 billion, down 24 percent from N10.23 billion in Q4 2023.

The company's tax expense was N2.88 billion, up from N1.9 billion in Q4 2023, reflecting the higher tax burden caused by increased revenue despite a drop in profits.

Unilever reported a loss of N1.46 billion from discontinued operations in the fourth quarter of 2023. However, no such losses were recorded in Q4 2024, which contributed to the company's overall profitability during the period.

Unilever's earnings per share for continuing operations were N0.85, down from N1.20 in the same quarter of 2023. This represents a 29% decrease, consistent with the company's profit performance for the quarter.


It also reported a negative other comprehensive income of N270.21 million in Q4 2024, compared to a loss of N222.05 million in Q4 2023. The increase in the loss was caused by the remeasurement of post-employment benefit obligations, which had a negative impact on the company's total comprehensive income in the quarter.

The total comprehensive income for the quarter was N4.63 billion, a 30 percent decrease from N6.65 billion in Q4 2023.

According to nigerianwatch, Unilever Nigeria Plc's turnover was N103.8 billion, a 46% increase over the N71.2 billion recorded in the same period in 2023.