Unilever Nigeria posted a pre-tax profit of N21.9 billion in 2023, representing a 151 per cent growth from the N8.7 billion posted in 2022. According to the company’s audited financial statements for 2023, it recorded a revenue of N103.9 billion, representing a 51.3 percent growth from the N68.6 billion posted in 2022. The statement said the company’s profit after tax in 2023 was put at N16.4 billion, marking a 205 per cent 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 per cent 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.