Unilever Nigeria’s Half-Year Earnings Climb More Than Eightfold

The earnings of Unilever Nigeria Plc, a fast-moving consumer goods firm, surged to N8.85 billion in the first half of the year from N1.08 billion a year earlier.

The company, which stopped its home care and skin cleansing businesses at the end of 2023, saw its revenue rise to N51.11 billion from N31.59 billion, according to its earnings report released on Monday.

In 2024, Unilver Nigeria was involved in trade financing arrangements with some local banks where the banks agreed to pay certain amounts to foreign vendors in respect of invoices owed by the company.

“The principal purpose of the arrangement was to facilitate efficient payment processing in view of the challenges being experienced with sourcing foreign currency in the Nigerian market. The arrangement enabled the company settle its foreign obligations in a timely manner to facilitate receipt of key input materials required in the production of finished goods. In 2025, the company has paid down these facilities due to the relative stability and improved availability of foreign currency,” it said.