Unilever Nigeria’s total assets decreased by 7.82%

Unilever Nigeria Plc on Wednesday said that its total assets decreased to N116.30 billion as at Dec. 31, 2023.

The figure represents a decline of 7.82 per cent when  compared to N125.39 billion in the same period of 2022.

Mrs Afolasade Olowo, Senior Counsel/Company Secretary, Unilever Nigeria, said this in the company’s annual report for the year ended Dec. 31, 2023 disclosed to the Nigerian Exchange Ltd. (NGX) in Lagos.

The company’s total liabilities in 2023 also decreased to N41.80 billion, down from N57.83 billion in 2022, representing a decrease of 17.34 per cent.

However, Unilever’s gross profit for the year 2023 increased to N36.02 billion, compared to N26.6 billion in 2022, indicating a 35.41 per cent rise.

The company’s operating profit surged 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 at December 31, 2023, the company is engaged in several litigations that have arisen in the normal course of business.

“As at December 31, 2023, the company had a contingent liability of N412 million with respect to a pending litigation, compared to 194.4 million it had in 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.”