By Houha Albert
In a remarkable show of financial resilience and strategic acumen, Unilever Nigeria Plc has revealed a remarkable 61% surge in profit after tax for the first half of 2024, hitting an impressive ₦4.4 billion compared to ₦2.8 billion last year.
As per the company's unaudited interim financial statements submitted to the Nigerian Exchange Limited on Tuesday, this notable profit growth is mainly credited to a 41% rise in revenue, climbing from ₦45.4 billion to ₦63.9 billion in the same period.
Unilever Nigeria's gross profit surged by a whopping 100% to ₦26.2 billion from ₦13.1 billion in the previous year, highlighting the company's prowess in maintaining its market leadership and enhancing operational efficiency.
The operating profit also saw a remarkable 133% increase, climbing from ₦1.8 billion to ₦4.1 billion, primarily driven by improved sales rates, strategic asset sales, and non-operational activities.
Nonetheless, the company experienced a 50% increase in selling and distribution expenses, reaching ₦2.7 billion from ₦1.8 billion, while marketing and administrative costs grew by 118% to ₦105 million from ₦48 million, showcasing Unilever Nigeria's commitment to expanding its distribution channels and boosting its marketing endeavors.
Despite these increased expenses, Unilever Nigeria remains committed to ensuring financial stability and has announced plans to explore alternative financing options to manage liabilities that require more funding.
This impressive financial performance is a testament to Unilever Nigeria's unwavering dedication to delivering value to its shareholders, customers, and stakeholders, and its ability to navigate the complexities of the Nigerian market with agility and foresight.
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