Unilever Nigeria Shakes Off Covid-19 Effect, Records N1.796 Billion Profit in Q1 2022

Unilever Nigeria Plc, a leading consumer goods manufacturer, grew profit after tax from -N491.997 million decline recorded in the first quarter (Q1) 2021 to N1.796 billion in the first quarter of 2022.

The company disclosed this in its unaudited financial statement obtained by Investors King.

Unilever Nigeria’s revenue for the period under review rose to N20.560 billion, up from N16.509 billion in Q1 2021. Gross profit also improved to N7.174 billion while operating profit rebounded from -N282.396 million in Q1 2021 to N7.174 billion in Q1 2022.

Finance income inched higher to N162.931 million from N152.419 million. Finance costs, however, jumped to N121.133 million from N34.371 million.

Profit before minimum taxation rose to N2.351 billion, down from -N129.977 million reported in Q1 2021. While profit before tax jumped from -N227.077 million to N2.246 billion in Q1 2022.

The company paid N450.123 million in income tax. Therefore, profit for the period rose to N1.796 billion. Earnings per share grew from -N0.09 to N0.31.