Executive Summary
Unilever Nigeria Plc delivered an impressive nine-month performance for the period ended 30 September 2025. Revenue surged 50% YoY to ₦155.41 billion (9M 2024: ₦103.85 billion), driven by strong demand across core consumer products. Gross profit increased 49% YoY to ₦63.97 billion, reflecting effective cost management and operational efficiencies. Operating profit rose significantly to ₦30.46 billion, almost three times higher than 9M 2024 (₦10.13 billion), while net finance income improved to ₦6.95 billion due to better cash management and lower effective finance costs. Profit before tax reached ₦37.41 billion, translating into profit after tax of ₦21.98 billion, up 100% YoY. Earnings per share doubled to ₦3.83 from ₦1.92 in 9M 2024.
Financial Highlights – Statement of Profit or Loss
₦’000 9M 2025 9M 2024 YoY Change
Revenue 155,410,090 103,848,328 +50%
Cost of Sales 91,445,028 60,955,483 +50%
Gross Profit 63,965,062 42,892,845 +49%
Selling & Distribution Expenses 5,074,021 4,490,245 +13%
Marketing & Administrative Expenses 29,508,077 25,556,943 +15%
Operating Profit 30,462,718 10,131,008 +201%
Net Finance Income 6,948,265 3,829,630 +81%
Profit Before Tax 37,410,983 13,960,638 +168%
Profit After Tax 21,981,391 11,009,043 +100%
EPS (Naira) 3.83 1.92 +100%
Analyst Insights – Profitability:
• Strong revenue growth supported by expanded market penetration and product innovation.
• Operating leverage reflected in a tripling of operating profit despite moderate increases in administrative expenses.
• Finance costs reduced significantly relative to finance income, boosting net profitability.
• EPS doubled, underscoring substantial value creation for shareholders.
Balance Sheet Overview
₦’000 30-Sep-2025 31-Dec-2024 Change
Total Assets 172,020,769 141,646,696 +21%
Non-Current Assets 24,204,202 25,372,437 –5%
Current Assets 147,816,567 116,274,259 +27%
Cash & Cash Equivalents 97,191,669 68,439,134 +42%
Inventories 28,308,050 30,799,580 –8%
Total Liabilities 74,987,057 56,540,616 +33%
Current Liabilities 68,143,099 50,847,675 +34%
Non-Current Liabilities 6,843,958 5,692,941 +20%
Total Equity 97,033,712 85,106,080* +14%
*Estimated as total assets minus total liabilities.
Analyst Insights – Balance Sheet:
• Strong growth in cash and cash equivalents enhances liquidity and working capital flexibility.
• Inventory levels slightly reduced despite higher revenue, suggesting improved supply chain efficiency.
• Total liabilities increased mainly due to current obligations but remain manageable relative to equity.
• The company remains well-capitalized with a robust equity base supporting future growth initiatives.
Operational Highlights:
• Revenue Expansion: Driven by increased sales in homecare, personal care, and food segments.
• Profitability Leverage: Operating and net margins significantly improved due to cost efficiency and reduced finance costs.
• Liquidity Management: Strong cash position enables potential investment in market expansion and debt reduction.
Outlook:
Unilever Nigeria is well-positioned to sustain strong earnings momentum in Q4 2025, with continued consumer demand and operational efficiencies expected to drive further revenue and profit growth. Focus on working capital optimization and cost containment will remain key to enhancing net margins.
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Disclaimer
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