Unilever Nigeria, a leading player in the fast-moving consumer goods sector, closed the 2024 business year with an impressive 79% profit increase, reaching N15.1 billion compared to N8.4 billion in 2023. This remarkable growth comes despite ongoing economic hurdles, including currency fluctuations, unreliable power supply, and persistent supply chain disruptions.
The company's revenue also saw a significant boost, climbing 44% from N103.9 billion in 2023 to N149.5 billion in 2024. Additionally, gross profit surged from N34.5 billion to N55.1 billion, reinforcing Unilever's strong market position.
Despite operating in a challenging business environment, Unilever's strategic approach helped it maintain momentum. Speaking on the company’s performance, Managing Director Tobi Adeniyi credited Unilever's success to its resilient workforce, efficient operations, and commitment to innovation.
“Our focus has always been on delivering top-tier products to consumers while making strategic investments to drive future growth,” Adeniyi explained.
He highlighted that the company’s growth is anchored in four key areas: operational efficiency, cost optimization, brand leadership, and market expansion.
Beyond financial performance, Unilever remains dedicated to strengthening partnerships across its value chain. Adeniyi emphasized the company’s long-term commitment to fostering economic development in Nigeria.
“We continue to invest in relationships with our partners and stakeholders, ensuring that our growth translates into tangible socioeconomic benefits,” he added.
With its robust business strategy and ability to adapt to economic shifts, Unilever is well-positioned to sustain its upward trajectory in the coming years.