Unilever Nigeria Plc has released its audited financial results for the year ended December 31, 2024, reporting a total revenue of N149.5 billion.
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.
Key Highlights (2024 vs 2023)
- Revenue: N149.5 billion, +43.94% YoY
- Cost of sales: N94.3 billion, +36.05% YoY
- Gross profit: N55.1 billion, +59.80% YoY
- Selling and distribution expenses: N6.2 billion, +51.74% YoY
- Marketing and administrative expenses: N29.5 billion, +103.47% YoY
- Other income: N621.9 million, -33.36% YoY
- Operating profit: N18.3 billion, -9.37% YoY
- Finance income: N6.8 billion, +46.15% YoY
- Finance cost: N2.5 billion, -16.44% YoY
- Pre-tax profit: N22.6 billion, +3.46% YoY
- Total assets: N141.6 billion, +21.79% YoY
- Retained earnings: N25.4 billion, +71.49% YoY
Cursory analysis
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.
- Domestic sales dominated this revenue, amounting to N145.6 billion, a significant rise from the previous year’s N102 billion, while exports contributed N3.8 billion.
- In terms of major product lines, nutrition products generated N92.6 billion, accounting for 62% of total sales.
- Personal care followed with N43.9 billion, representing 29%, while beauty and wellbeing products contributed N12.9 billion, or 9% of total sales.
However, the cost of sales saw a notable increase of 36.05%, rising from N69.3 billion the previous year to N94.3 billion.
- This spike in costs was largely attributed to raw materials and consumables, driven by material cost inflation and the depreciation of the naira.
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.
- Conversely, selling and distribution expenses surged to N6.2 billion, marking a 51.74% increase, while marketing and administrative expenses spiked by 103.47%, reaching N29.5 billion.
Other income also took a hit, declining to N621.9 million from N933.2 million in the prior year.
- This income included various components such as manufacturing service agreements and rental income.
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.
- Additionally, the company successfully reduced finance costs to N2.5 billion, down from N3 billion in 2023.
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.
Balance sheet analysis
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.
- Current assets amounted to N116.2 billion, constituting a substantial portion of total assets.
- Within current assets, cash and cash equivalents stood at N68.4 billion, while inventories were valued at N30.7 billion.
- Non-current assets totaled N25.3 billion, predominantly comprised of property, plant, and equipment, which accounted for N22.3 billion.
Total equity rose to N85.1 billion, up from N74.5 billion in the prior year.
- Share premium, at N56.8 billion, accounted for a significant majority of the total equity.
- Additionally, retained earnings exhibited robust growth, increasing by 71.49% year-over-year to reach N25.4 billion, up from N14.8 billion.
