Unilever Nigeria Plc has announced a strong financial performance for the 2024 fiscal year, posting a net profit of N15.1 billion, representing a 79% increase from the N8.4 billion recorded in 2023. The impressive result underscores the company’s resilience and strategic focus in navigating a dynamic and competitive business environment.
The company also reported a 44% year-on-year growth in turnover, rising from N103.9 billion in 2023 to N149.5 billion in 2024, according to its audited financial statements for the twelve-month period ended December 31, 2024.
Unilever’s gross profit climbed to N55.1 billion, up 60% from N34.5 billion in the prior year, reflecting improved cost management and stronger sales across key product categories.
Commenting on the performance, Tobi Adeniyi, Managing Director of Unilever Nigeria, attributed the year’s success to the company’s strategic resilience and the dedication of its employees. He emphasized Unilever’s commitment to delivering quality and innovation to Nigerian consumers.
“We are pleased with our stellar performance in 2024, which is built on the foundation of our resilient strategy and the unwavering commitment of our people,” Adeniyi stated. “Our focus has remained on delivering superior products to our consumers while continually investing in our brands and expanding our market reach.”
He also noted that the company's solid year-on-year growth was driven by a sharpened emphasis on operational efficiency, cost optimization, and strengthening its market position. Unilever’s purposeful branding and innovative product pipeline have continued to create demand and expand market share in a competitive FMCG sector.
Looking ahead, Adeniyi expressed optimism about the company’s growth prospects, affirming its ambition to further expand within Nigeria and across African markets.
“We will continue to build on this strong foundation to deepen our footprint and enhance value for all our stakeholders,” he added.
With this performance, Unilever Nigeria signals a strong return to form, backed by disciplined execution and a strategic focus on long-term growth.