Q4 2022: Unilever Nigeria reports 63.3% growth in PAT to N6.341bn

By Philemon Adedeji

A publicly listed company on the Nigerian Exchange Limited (NGX) with trading and manufacturing interest in the consumer goods market, Unilever Nigeria Plc has released its audited full-year 2022 financial report and it shows significant improvements across all financial indicator.

The consumer goods maker company reported a remarkable 63.30 per cent growth in Profit After Tax to N6.341 billion in full year ended December 31, 2022 from N3.883 billion amount reported in the previous year.

The profit growth was despite the double-digit inflation which rocked the Nigerian economy last year. During the period, revenue from food products, as well as home and personal care, accounted for N42.6 billion and N46.1 billion, respectively.

From the released statement under the platform of Nigerian Exchange Limited (NGX), Unilever Nigeria Plc reported a pre-tax profit of N9.390 billion representing a 385.02 per cent rise from the N1.936 billion reported in the same period in 2021.

From the profit and loss figures the group revenue moved from N23.952 billion in 12 months of 2021 to N20.850 billion in 12 months of 2022, reflecting an increase of 14.88 per cent.

However Net Interest Income amounted to N1.357 billion in full year 2022 from N278.123 million achieved in prior year, representing an increase of 587.80 per cent.

The consumer goods producer’s Profit Before Tax spiked by more than 385 in three months without any income from discontinued operation, a development that helped its result in the financial year 2021.

The spike was majorly buoyed by a 30.51 per cent decline in the cost of sales and a 587 per cent rise in net interest income.

The latter is driven by N1.83 billion interest income on call deposits and bank accounts.

The Cost of Sales recorded during the period declined by 30.51 per cent to N9.652 billion in 12 months of 2022 from N13.890 billion accounted in full year 2021.

Operating profit gained a 246.44 per cent to N8.034 billion in full year 2022 from N2.319 billion recorded in corresponding year.

The Gross Profit recorded increased stronger by 105.47 per cent to N14.301 billion in 12 months of 2022 from N6.960 billion in 2021 financial year.

Earning Per Shares (EPS), recorded for the period gained 76.27 per cent to N1.04 in full year 2022 from N0.59 in 2021 financial year.