Unilever Nigeria’s Profit Declines By 72.59%

Unilever Nigeria Plc has recorded a 72.59 percent decline in profit after tax to N169.9 million in the second quarter of 2023. Unilever disclosed the drop in its second quarter (Q2) unaudited results submitted to the Nigeria exchange on Monday, July 24.

The company’s poor profit occured despite recording a 27.31 percent increase in revenue for the quarter to N29.60 billion, up from N23.25 billion recorded in the same period in 2022. The revenue loss was traced to the rising cost of goods and services and also an operating loss of N3.2 billion in the second quarter.