Unilever Nigeria Plc has announced a decline in its quarterly profit for the fourth quarter of 2024, reporting a profit of N4.9bn, a 29 per cent drop from N6.87bn recorded in the same period in 2023.

In its financial statement filed on the Nigeria Exchange Limited on Wednesday, the company’s revenue for the quarter ended 31 December 2024 surged by 50 per cent to N45.9bn, compared to N30.5bn in Q4 2023.

However, this growth was overshadowed by an increase in the cost of sales, which rose by 38 per cent to N33bn from N23.96bn in the corresponding quarter of 2023.

Despite the increase in revenue, Unilever’s gross profit stood at N12.9bn, reflecting a 96 per cent increase from N6.59bn in Q4 2023.

The company’s operating profit for the quarter amounted to N7.48bn, which represents a 42 per cent decrease from N12.85bn in Q4 2023.

Unilever’s selling and distribution expenses rose by 22 per cent, from N1.36bn in Q4 2023 to N1.66bn in the fourth quarter of 2024, as it ramped up marketing activities to strengthen its market position.

Meanwhile, marketing and administrative expenses surged by over 278 per cent, from N1.22bn in Q4 2023 to N4.61bn in Q4 2024.

https://punchng.com/unilever-posts-n4-9bn-profit/