Unilever Nigeria Plc has reported a 20.1 per cent rise in profit after tax for the nine months ended 30 September 2026, as strong demand for its foods portfolio and a sharp improvement in gross margin offset higher marketing spend and a heavier tax bill.
The company also announced an interim dividend of ₦2.00 per share.
According to its unaudited interim financial statements, approved by the Board on 22 October 2026, profit for the period rose to ₦26.40 billion from ₦21.98 billion a year earlier. Earnings per share climbed to ₦4.60 from ₦3.83.
Revenue for the nine months grew 18.4 per cent to ₦184.01 billion, up from ₦155.41 billion in the corresponding period of 2025.
Cost of sales rose only 7.8 per cent to ₦98.54 billion, pushing gross profit up 33.6 per cent to ₦85.46 billion. Profit before tax increased 21.8 per cent to ₦45.58 billion.
The third quarter was stronger still. Revenue rose 11.8 per cent to ₦64.08 billion, gross profit jumped 40.6 per cent to ₦30.72 billion, and profit after tax surged 42.6 per cent to ₦10.80 billion from ₦7.58 billion.
Quarterly earnings per share came in at ₦1.88, against ₦1.32 a year ago. Gross margin for the quarter stood at about 48 per cent, compared with roughly 38 per cent in the same quarter of 2025.
The foods segment, which covers savoury products, drove most of the growth. Nine-month foods revenue rose 29.7 per cent to ₦123.12 billion, and the segment’s operating profit climbed to ₦25.79 billion from ₦18.60 billion. Beauty and Wellbeing revenue grew 11.5 per cent to ₦18.52 billion.
Personal Care, however, declined 3.5 per cent to ₦42.37 billion for the nine months, with third-quarter revenue falling 20.5 per cent to ₦11.40 billion.
Export revenue more than doubled to ₦3.65 billion, all of it sales to Unilever Asia Private Limited, though Nigeria still accounts for about 98 per cent of sales.
Marketing and administrative expenses rose 36.6 per cent to ₦40.30 billion, driven mainly by brand and marketing investment, which jumped to ₦21.08 billion from ₦12.10 billion. Royalties and service fees also increased to ₦4.94 billion from ₦3.05 billion.
The tax charge rose to ₦19.17 billion from ₦15.43 billion. The company’s tax note shows a new ₦2.13 billion development levy this year, along with a ₦762.9 million under-provision for prior-year income tax.
Net finance income was broadly flat at ₦7.03 billion: interest income rose to ₦9.17 billion, but an exchange loss of ₦1.68 billion on bank accounts pushed finance costs up to ₦2.13 billion.
Cash and cash equivalents fell to ₦91.34 billion at 30 September from ₦110.75 billion at the end of 2025. Net cash from operating activities dropped to ₦10.26 billion from ₦32.83 billion, reflecting tax payments of ₦20.40 billion (against ₦10.63 billion last year), higher inventory and receivables, and the settlement of obligations.
Capital expenditure on property, plant and equipment rose to ₦8.95 billion from ₦1.09 billion, while dividends paid totalled ₦30.16 billion, or about ₦5.25 per share, nearly three times last year’s ₦10.05 billion.
Inventories rose to ₦28.29 billion from ₦23.10 billion at year-end, and trade receivables increased to ₦16.34 billion from ₦10.50 billion. Total assets were ₦179.39 billion, while shareholders’ funds stood at ₦103.70 billion.
Shareholders will receive ₦2.00 per ordinary share of 50 kobo, subject to withholding tax, representing a payout of roughly ₦11.5 billion on the company’s 5.745 billion shares. No bonus was proposed.
The qualification date is Friday, 30 October 2026, and the register will be closed from Monday, 2 November to Friday, 6 November 2026, both dates inclusive.
Unilever Overseas Holdings BV holds 75.96 per cent of the company, with the remaining 24.04 per cent in free float.
Administrator and Writer
