Unilever Nigeria Plc’s Foods business accounted for almost all the company’s revenue growth in the first nine months of 2026, offsetting declining sales in Personal Care as the consumer goods manufacturer recorded higher revenue and profit.
The company’s unaudited financial statements for the nine months ended September 30, 2026, showed that revenue increased by 18.4% to ₦184.01 billion from ₦155.41 billion recorded in the corresponding period of 2025.
Foods revenue rose by 29.8% to ₦123.12 billion from ₦94.88 billion, generating an additional ₦28.23 billion in sales. This represented approximately 98.7% of the company’s total revenue increase of ₦28.60 billion.
The segment’s contribution to total revenue consequently increased to 66.9% from 61.1% a year earlier, strengthening its position as Unilever Nigeria’s largest business.
Foods also generated an operating profit of ₦25.79 billion, accounting for approximately 67% of the company’s total operating profit of ₦38.54 billion during the period.
However, the performance of Personal Care remained weak, with revenue declining by 3.5% to ₦42.37 billion from ₦43.92 billion in the corresponding period of 2025.
The pressure intensified in the third quarter, when the segment’s revenue fell by 20.5% to ₦11.40 billion from ₦14.33 billion recorded in the same period last year.
Beauty and Wellbeing provided some support, recording an 11.5% increase in revenue to ₦18.52 billion from ₦16.61 billion.
The contrasting performances show that growth was concentrated in Foods, while Personal Care continued to lose sales despite the company’s overall expansion.
At the group level, gross profit increased by 33.6% to ₦85.46 billion from ₦63.97 billion, while gross margin improved to 46.4% from 41.2%, reflecting a reduction in the proportion of revenue spent on cost of sales.
Operating profit rose by 26.5% to ₦38.54 billion from ₦30.46 billion, while profit before tax increased by 21.8% to ₦45.58 billion from ₦37.41 billion.
Net profit climbed by 20.1% to ₦26.40 billion, compared with ₦21.98 billion recorded in the corresponding period of 2025. Earnings per share also improved to ₦4.60 from ₦3.83.
The improvement in operating profit accounted for almost all the increase in profit before tax, although higher finance income also supported the result.
However, marketing and administrative expenses increased by 36.6% to ₦40.30 billion from ₦29.51 billion, outpacing revenue growth and representing an important cost pressure to monitor.
In a dividend announcement dated October 23, 2026, the company’s board approved an interim dividend of ₦2.00 per ordinary share, amounting to approximately ₦11.5 billion. This is four times the ₦0.50 interim dividend paid in 2025.
The dividend is scheduled for payment on November 18, 2026, to qualifying shareholders who met the October 30 qualification date and completed the required e-dividend registration.
Unilever Nigeria’s nine-month results highlight the growing dependence of its earnings on the Foods business. While the segment has delivered strong sales and operating profit growth, the continued decline in Personal Care presents a challenge to achieving more balanced growth across the company’s product portfolio.
