Once the company has finished revamping its business strategy to accelerate growth and maintain profitability, specific home care and skin cleaning items sold under the Unilever Nigeria Plc brand may be impacted.
Omo, Sunlight (detergent and dishwashing), Lux, Lifebuoy, Dove, Rexona, and AXE are a few of the well-known brands.
In a statement released by the business and signed by its general counsel, WA, and company secretary, Unilever Nigeria, Ms. Abidemi Ademola, the company also announced that it will modify its business model in order to spur development, maintain profitability, and better serve customers.
The 100-year-old consumer goods company, according to her, would repurpose its portfolio while putting policies in place to increase corporate efficiency and prepare it for the future.
The corporation claims that these adjustments will better position it to serve the demands of customers, shareholders, and staff.
In order to achieve this, the portfolio will need to be repurposed, with the Home Care and Skin Cleansing categories being exited to focus on opportunities for higher growth.
Additionally, business operations will need to be strengthened with measures to digitize and streamline procedures, and we will need to place more of an emphasis on business continuity measures that lessen our business model’s exposure to devaluation and currency liquidity.
“The exit of these two categories over 2023 will boost the vision to make Unilever Nigeria great, building on the impressive progress made in other key aspects of the business, and is envisaged to result in overall improvement in profitability, growth and a more sustainable Unilever Nigeria plc. business. The Company will in due course review the optimal treatment of redundant resources and assets in accordance with due process.”
Unilever Nigeria reported a profit after tax of N6.341 billion for the year ended December 31, 2022, up from N3.883 billion in 2021. In contrast to N20.850 billion in 2021, revenue increased to N23.952 billion.
While the cost of sales was lower at N9.652 billion than it was in 2021 (13.890 billion), the gross profit increased to N14.301 billion from N6.960 billion.
