Earnings Update: Unilever Nigeria Plc FY 2024 & Q1 2025 – Resilient Growth Amid Rising Costs.

Event

In the 2024 financial year, Unilever Nigeria reported exceptional revenue growth, achieving N149.52 billion, a substantial 44% increase from FY 2023 revenue of N103.88 billion. We believe this performance was mainly driven by pricing strategy, complemented by volume growth as media investment and targeted visibility campaigns were intensified during the year.

In the first quarter of 2025, the Company delivered a robust performance, reporting a total revenue of N46.98 billion, a 45% year-on-year growth compared to N32.32 billion in Q1 2024. This strong top-line growth was broad-based, with all operational segments contributing meaningfully.

Outlook

For the rest of 2025, we project continued revenue growth across all operating segments, supported by sustained pricing strategies and ongoing investment in brand awareness. These marketing efforts are expected to drive volume gains by expanding market reach and deepening consumer engagement.

Valuation

Based on our optimism for the Company’s performance for 2025, we revised our fair value to N50.01 (previously: N24.26). At the current price of N46.05, our fair value offers a total return of 13.92%, inclusive of a 5% dividend yield. Hence, we maintain our HOLD Recommendation.

Please follow the link “Earnings Update: Unilever Nigeria Plc FY 2024 & Q1 2025 – Resilient Growth Amid Rising Costs” to view the whole report. 

Thank you.