Unilever Nigeria Plc reports 385% rise in pre-tax profits for Q4 2022

Unilever Nigeria Plc has released its Q4 2022 results, reporting a pre-tax profit of N9.390 billion.

This represents a 385.02% rise from the N1.936 billion reported in the same period in 2021.

See a summary of the Q4 2022 earnings report below.

Revenue

2022 Q4: N23.952 billion
2021 Q4: N20.850 billion
Change: +14.88%
Cost of Sales
2022 Q4: N9.652 billion
2021 Q4: N13.890 billion
Change: -30.51%

Gross Profit

2022 Q4: N14.301 billion
2021 Q4: N6.960 billion
Change: +105.47%
Operating profit
2022 Q4: N8.034 billion
2022 Q4: N2.319 billion
Change: +246.44%

Net Interest Income

2022 Q4: N1.357 billion
2021 Q4: -N278.123 million
Change: +587.80%

Pre-tax profit

2022 Q4: N9.390 billion
2021 Q4: N1.936 billion
Change: +385.02%

Net Profit after tax

2022 Q4: N6.341 billion
2021 Q4: N3.883 billion
Change: +63.30%

Cash in hand

2022 Q4: N68.177 billion
2021 Q4: N55.698 billion
Change: +22.40%

Bottom line

The consumer goods producer’s profit before tax spiked by more than 385% in three months without any income from discontinued operation, a development that helped its result in the financial year 2021.
The spike was majorly buoyed by a 30.51% decline in the cost of sales and a 587% rise in net interest income. The latter is driven by N1.83 billion interest income on call deposits and bank accounts.