Unilever Nigeria Plc has reported impressive financial results for the third quarter ending on September 30, 2024 (Q3’24), showcasing substantial growth across key financial indicators. For the nine-month period, the company’s turnover soared to N103.8 billion, marking a robust 46 percent increase from the N71.2 billion reported during the same period in 2023 (Q3’23). This strong rise in revenue indicates the company’s growing market demand and success in penetrating new consumer segments.
The company’s gross profit for Q3’24 also witnessed a significant leap, reaching N42.9 billion. This represents an 88 percent increase compared to the N22.8 billion recorded during the corresponding period last year. This considerable profit growth highlights Unilever Nigeria’s successful implementation of strategies aimed at improving its cost structure and operational efficiency, which have allowed it to navigate inflationary pressures and supply chain challenges effectively.
Additionally, the net profit for the period ended September 30, 2024, rose to N11 billion, a 47 percent increase from the N7.5 billion reported in Q3’23. This net profit boost underscores the impact of Unilever Nigeria’s cost-cutting measures and market growth strategies on its overall profitability.
Tim Kleinebenne, the Managing Director of Unilever Nigeria, attributed the company’s sustained quarterly growth to the effective execution of its Growth Action Plan (GAP). Kleinebenne explained that the GAP has allowed the company to focus on delivering high-quality health and hygiene products, optimizing costs, and expanding its market share across various categories. He stated, “The consistency in our quarter-on-quarter sustained growth and performance remains a testament that with our Growth Action Plan (GAP), we are committed to serving consumers with our best brands to meet their daily needs of improved health and hygiene.”
Looking ahead, Kleinebenne expressed optimism about Unilever Nigeria’s commitment to enhancing its operations within Nigeria to address the public’s needs for improved health and hygiene. This focus on health, hygiene, and purposeful branding, alongside the company’s efforts in cost management, is expected to fuel continued growth as Unilever strengthens its foothold in the Nigerian market.
Unilever Nigeria’s positive performance, despite economic challenges, reflects the success of its strategic framework and the growing trust of Nigerian consumers in its brands.
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