Unilever Nigeria Plc has released its third quarter result for the period ended September 30, 2024, showcasing significant growth across key financial metrics.
The company reported a standout performance, with earnings per share (EPS) jumping 93% year-on-year to ₦1.14, driven primarily by robust revenue growth of 54.5%.
For the nine months ended September 2024, Unilever Nigeria’s EPS increased to ₦1.92, up from ₦1.30 in the corresponding period of 2023.
Revenue growth was driven by significant increases in the Food Products (+60.4% y/y), Personal Care (+43.7% y/y), and Beauty & Wellbeing (+56.1% y/y) segments.
Higher pricing, export sales growth (+270.9% y/y), and a favorable foreign exchange rate contributed to the impressive revenue performance.
Gross margin expanded by 435 basis points to 41.7%, while net finance income surged 10.4 times year-on-year to ₦1.00 billion.
However, operating expenses rose sharply (+111.3% y/y), impacting EBIT and EBITDA margins.
Profit before tax grew 58.5% year-on-year to ₦7.68 billion, with profit after tax standing at ₦6.57 billion.
Analysts expect Unilever Nigeria to sustain its growth momentum in Q4 2024, driven by festive demand and price increases, despite concerns over margin sustainability.