Stunning Financial Triumph: Unilever Nigeria Posts N15.1bn Profit in 2024

 Unilever Nigeria Plc has achieved a remarkable financial milestone, reporting a net profit of N15.1 billion for the 2024 financial year, a robust 79% increase from the N8.4 billion recorded in 2023. This impressive performance, announced on April 22, 2025, underscores the company’s resilience in Nigeria’s challenging economic landscape, driven by strategic operational efficiencies and a focus on high-demand consumer goods. 

The audited results, covering the 12-month period ending December 31, 2024, also revealed a 44% surge in turnover to N149.5 billion, up from N103.9 billion, reflecting strong market share growth across key categories.

The company’s gross profit soared by 60% to N55.1 billion, compared to N34.5 billion in 2023, fueled by a 41.3% gross profit margin, a significant recovery from prior years. Managing Director Tobi Adeniyi attributed the success to Unilever Nigeria’s commitment to operational excellence, cost optimization, and purposeful branding. 

The company’s focus on health and hygiene products, including fabric care, skincare, and oral care, resonated with consumers, boosting sales despite inflationary pressures. Adeniyi emphasized that innovative product offerings and expanded market reach were pivotal, with brands like Lifebuoy and Close-Up driving demand.

However, challenges persisted, including a 13.44% pre-tax profit margin squeezed by rising operating costs and a 40% increase in net finance costs to N3.8 billion, largely due to interest on bank loans. Despite these hurdles, Unilever Nigeria’s share price surged 41.2% year-to-date in 2024, signaling strong investor confidence. Analysts note that the company’s 13.56% return on equity, while moderate, positions it favorably for future growth, particularly in the beauty and wellness segment.

This financial triumph highlights Unilever Nigeria’s strategic agility in navigating economic headwinds, from naira volatility to high inflation. As the company eyes further expansion in Africa, its 2024 performance sets a strong foundation.