Unilever Nigeria’s Total Assets Falls By 7.82%

Unilever Nigeria Declares N54.2bn Turnover In H1 2023

On Wednesday, Unilever Nigeria Plc said that, as of December 31, 2023, its total assets had dropped to N116.30 billion. This amounts to a 7.82 percent decrease from N125.39 billion during the same period in 2022.

This was stated in the company’s annual report for the year ending December 31, 2023, which was given to the Nigerian Exchange Ltd. (NGX) in Lagos by Mrs. Afolasade Olowo, Senior Counsel/Company Secretary, Unilever Nigeria. In 2023, the company’s total liabilities dropped to N41.80 billion, a 17.34% decrease from N57.83 billion the previous year.

On the other hand, Unilever’s gross profit for 2023 climbed by 35.41 percent to N36.02 billion from N26.6 billion in 2022. Operating profit for the business increased to N20.26 billion in 2023 from N8.50 billion in 2022, marking an increase of 138.35 per cent.

Total revenue for the year under review stood at N103.88 billion, up from N68.64 billion in the previous year, representing a growth of 51.34 per cent. Furthermore, the company’s total equity grew to N74.51 billion in 2023, compared to N67.56 billion in 2022, showing a growth rate of 10.29 per cent.

Unilever’s capital expenditure for the 2023 financial year rose to N2.25 billion, up from N1.56 billion in the same period of the previous year, indicating a 44.23 per cent increase.

Olowo said: “As of December 31, 2023, the company is engaged in several litigations that have arisen in the normal course of business.

“As of December 31, 2023, the company had a contingent liability of N412 million for pending litigation, compared to 194.4 million it had in the year 2022.

“In the opinion of the directors, it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation.”

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