July 29, 2025/CSL Research

Financial Highlights:

• Revenue: +53.5% y/y to ₦98.10Bn
• Cost of Sales: +48.5% y/y to ₦55.99Bn
• OPEX: +2.6% y/y to ₦23.46Bn
• EBITDA: +339.3% y/y to ₦20.26Bn
• Operating Profit: +444.3% y/y to ₦18.81Bn
• Profit After Tax: +224.6% y/y to ₦14.41Bn
• Proposed Interim Dividend: 50 kobo/share (gross)

Unilever Nigeria Plc (Unilever) has reported its H1 2025 earnings, posting a 53.5% year-on-year (y/y) increase in Revenue to ₦98.10 billion, up from ₦63.91 billion in H1 2024. On a quarter-on-quarter (q/q) basis, Revenue rose to ₦51.13 billion in Q2 2025, compared to ₦46.98 billion in Q1 2025. The strong performance was driven by growth across all Revenue segments.

Unilever’s Food Products segment remained the largest contributor to total revenue, accounting for approximately 59.8% of overall earnings. Revenue from this segment rose to ₦58.68 billion, representing a 58.1% y/y increase from ₦37.13 billion in H1 2024, when it made up about 58.1% of total revenue.

The company also recorded strong growth in other segments:
• Personal Care revenue grew 33.2% y/y to ₦29.59 billion

• Beauty & Wellbeing surged 114.9% y/y to ₦9.84 billion

These gains reflect the positive impact of Unilever’s intensified brand marketing efforts over the past year. Segmenting Unilever’s Revenue according to domestic and export sales, domestic sale was ₦96.64 billion, a 56.0% y/y increase from ₦61.95 billion in H1 2024 while export sales settled at ₦1.47 billion, down from ₦1.96 billion in H1 2024.

Cost of Sales for Unilever grew at a slightly lower pace compared to Revenue, increasing by 48.5% y/y to ₦55.99bn, up from ₦37.69bn in H1 2024. This led to a 60.0% y/y rise in Gross Profit to ₦42.12bn, up from ₦26.22bn in H1 2024 while Gross Profit Margin inched up by 1.9 percentage points to 42.9% from 41.0% in H1 2024.

Stock Rating: Under Review

To read full report, click on the link below​​

​UNILEVER H1 2025 Quick Take.pdf​​​​​​​​​​​​​​​​​​​​​

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