Unilever Nigeria Plc recorded an 18 per cent increase in revenue to ₦184 billion in the first nine months of 2026, as improved gross margins and operating efficiency supported higher profitability despite mounting pressure on consumer spending.
The consumer goods manufacturer disclosed this in its unaudited financial results for the nine-month period ended September 30, 2026.
Revenue rose from ₦155.4 billion in the corresponding period of 2025, while gross profit increased by 34 per cent to ₦85.5 billion from ₦63.9 billion a year earlier.
The improvement in gross profit lifted the company’s gross margin to 46.4 per cent, compared with 41.2 per cent in the same period last year, indicating stronger profitability after accounting for the cost of goods sold.
Operating profit also grew by 27 per cent to ₦38.5 billion, while net profit advanced by 20 per cent to ₦26.4 billion from ₦21.9 billion in the corresponding period of 2025.
The results highlight the company’s ability to sustain profitable growth amid challenging consumer market conditions, supported by brand investment, operational discipline and improvements in product distribution.
Alongside the results, Unilever Nigeria announced an interim dividend of ₦2 per ordinary share, subject to applicable withholding tax.
The total dividend payout amounts to ₦11.5 billion and will be paid to shareholders whose names appear on the company’s Register of Members as of the close of business on October 30, 2026.
The dividend declaration reflects the company’s commitment to returning value to shareholders while maintaining its focus on business growth and operational performance.
Commenting on the results, Tobi Adeniyi, Managing Director, said the company’s performance during the first nine months reflected the resilience of its business, although consumer demand came under increased pressure in the third quarter as household disposable incomes remained constrained.
He said the company maintained its focus on delivering value, improving product availability, developing relevant innovations and strengthening execution across its operations.
“Our performance in the first nine months of 2026 reflects the underlying strength and resilience of our business. While consumer demand came under increased pressure in the third quarter as household disposable incomes remained constrained, we stayed focused on delivering value, strengthening availability, executing relevant innovation and maintaining disciplined execution,” Adeniyi said.
He added that the company’s strategy of improving product accessibility and investing in brands had supported revenue growth and profitability.
According to him, Unilever Nigeria is also working to build a more balanced product portfolio through targeted brand investments and innovations designed to strengthen consumer preference and support sustainable growth.
“This focus delivered consistent revenue growth, a 34 per cent increase in gross profit, and 20 per cent growth in net profit. We continue to build a more balanced portfolio through sharper choices, accessible innovation and targeted brand investment that strengthen consumer preference and support sustainable, profitable growth,” he said.
Adeniyi said the company remained confident in Nigeria’s long-term potential and would continue investing in its brands, operations and workforce.
He added that the priority was to build on the company’s financial performance, strengthen its product portfolio and create lasting value for consumers, customers, shareholders and other stakeholders.
The latest results suggest that Unilever Nigeria has improved its ability to translate revenue growth into earnings, with gross profit rising faster than sales and net profit increasing by a fifth.
However, sustained growth will depend on the company’s ability to maintain margins, manage operating costs and protect demand as consumers contend with pressure on purchasing power.
For shareholders, the ₦11.5 billion interim dividend provides a direct return from the company’s performance, while continued investment in brands, distribution and product innovation will remain central to sustaining growth in Nigeria’s competitive consumer goods market.
