Unilever delivered a miraculous result in 2023. Yes, in the year PZ Cusson, Guinness, Nestlé Nigeria Plc, and Cadbury, recorded huge losses, Unilever Nigeria posted a profit before tax of N22 billion in 2023, representing a 152% growth from the N8.7 billion posted in 2022. To show that this is not a vapour profit, they recorded more than 50% revenue growth, from N68.6 billion in 2022 to N104 billion in 2023.
And the company is paying dividend: “Shareholders of Unilever Nigeria Plc will receive a dividend of N4.309 billion for the financial year ended December 2023, representing a total dividend of N0.75 kobo per share declared by the Board of Directors of the company.”
I have a question: who here can explain Unilever Nigeria business playbook? I mean, unless they sold assets or exited subsidiaries and lumped the receipts as “revenue”, the Unilever team should be considered in the legendary class.
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Any idea on how this iconic brand was able to navigate the miry clay that was 2023, with the floating of Naira, removal of fuel subsidies, etc and came up just fine as recorded?
We want to know the companies to learn from…Unilever excites.
Key Highlights (FY 2023 vs FY 2022)
- Revenue: N103.9 billion, +51.3% YoY
- Cost of sales: N67.9 billion, +61.4% YoY
- Gross profit: N36.0 billion, +35.4% YoY
- Selling and distribution expenses: N4.1 billion, +42.3% YoY
- Marketing and administrative expenses: N16.0 billion, +7.5% YoY
- Operating profit: N20.3 billion, +139.8% YoY
- Profit before taxation: N21.9 billion, +151.0% YoY
- Profit for the year: N8.4 billion, +88.9% YoY
- Earnings per share: N2.86, +204.3% YoY
- Total assets: N116.3 billion, -7.2% YoY
*data from Nairametrics
Unilever delivered a miraculous result in 2023. Yes, in the year PZ Cusson, Guinness, Nestlé Nigeria Plc, and Cadbury, recorded huge losses, Unilever Nigeria posted a profit before tax of N22 billion in 2023, representing a 152% growth from the N8.7 billion posted in 2022. To… pic.twitter.com/RGL3hj1bHX
— Ndubuisi Ekekwe (@ndekekwe) April 7, 2024
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Could it be that Unilever pivoted from manufacturing to trading? Because nothing in the financial report showed that they are still in the business of making things, so it’s possible it has moved fully into buying and selling here. Let them come and explain biko.