Unilever Nigeria reports reduced Q3 loss after product shift

Unilever Nigeria reported a reduced loss for the third quarter ending September Friday.

The consumer goods giant announced a loss of N1.1 billion for the quarter, an improvement from N2.3 billion reported in the same period last year, according to its unaudited financial report released Friday.

The company’s revenue for Q3 stood at N27 billion. Unilever Nigeria faced several challenges during the quarter, including high costs of sales, significant selling and distribution expenses, as well as marketing and administrative costs. The high operational costs continued to affect its bottom line.

The company reported a finance cost of N1 billion, mostly attributable to high exchange loss on bank accounts following the devaluation of naira.

Production of skin products continues despite announcement

Unilever Nigeria’s operations span a wide range of consumer products, including foods, personal care items, and home care products. The company has historically been known for its household and personal care brands.

The reduced loss follows a shift it initiated earlier in the year. In March, the company announced that it was exiting its home care and skin cleansing category in a bid to reshape its business.

The company said following the announcement on March 17, it stopped the production for home care category in June and stopped sales in September.

The company however said it extended the production and sale for skin cleansing category to December 2023.