July 21, 2026/CSL Report
Financial Highlights:
- Revenue: +22.2% y/y to ₦119.9bn
- Cost of Sales: +16.4% y/y to ₦65.2bn
- OPEX: +31.6% y/y to ₦30.9bn
- EBITDA: +27.8% y/y to ₦25.9bn
- Operating Profit: +29.5% y/y to ₦24.4bn
- Profit After Tax: +8.3% y/y to ₦15.6bn
- Proposed Interim Dividend: ₦2.00 per share
Unilever Nigeria Plc. (Unilever) sustained its fairly impressive growth trajectory in H1 2026, with Revenue expanding by 22.2% year-on-year (y/y) to ₦119.9 billion (bn), driven by resilient consumer demand and sustained revenue growth across its product segments.
Although top-line growth moderated from the pace recorded in Q1 (26.0% y/y), the company continued to benefit from easing input cost pressures, supporting further margin expansion. However, increased investment in brand-building and marketing continued to weigh on operating expenses, while a higher effective tax rate tempered bottom-line growth.
Notably, the management of the company declared an interim dividend of ₦2.00 per share.
Stock Rating: Hold
