Unilever Nigeria Plc has published its Q1 2026 results, reporting a pre-tax profit of N13.4 billion, up from N10.7 billion recorded in the corresponding period of 2025.
The improvement was driven by a strong top line, with revenue rising to N59.1 billion, marking a 25.96% increase from N46.9 billion recorded in the same period last year.
Of total revenue, Foods, including savoury products, accounted for 63.7% of sales, followed by personal care products at 26.8%, while skin care products contributed the remaining share.
This performance extended to the bottom line, as earnings per share increased to N1.22, compared to N0.97 recorded in the corresponding period of the prior year.
Key highlights (Q1 2026 vs Q1 2025)
- Revenue: N59.1 billion, up 25.96% YoY
- Cost of sales: N32.5 billion, up 15.77% YoY
- Gross profit: N26.6 billion, up 41.17% YoY
- Operating profit: N11.4 billion, up 38.88% YoY
- Pre-tax profit: N13.4 billion, up 24.83% YoY
- Post-tax profit: N7.01 billion, up 26.43% YoY
- Retained earnings: N54.7 billion, up 14.69% YoY
Driving the numbers
A closer look at the topline shows that the N59.1 billion in revenue comprised N37.6 billion from Foods, N15.8 billion from personal care products, and N5.6 billion from Beauty & Wellbeing.
- As expected, the cost of sales rose alongside revenue, increasing by 15.77% to N32.5 billion from N28.1 billion, leaving gross profit at a solid N26.6 billion, up from N18.8 billion.
Operating expenses also trended upward, with selling and distribution costs edging up to N1.8 billion from N1.7 billion, while marketing and administrative expenses rose significantly to N13.5 billion from N9.08 billion.
- After recognising an impairment gain of N26.1 million and other income of N295.2 million, largely from promissory notes, operating profit settled at N11.4 billion, up 38.9% year-on-year.
The company recorded a net finance income of N1.9 billion, which, when combined with operating profit, lifted pre-tax profit to N13.4 billion for the period.
- Following an income tax charge of N6.4 billion, post-tax profit stood at N7.01 billion, rising from N5.5 billion, while earnings per share increased from N0.97 to N1.22.
On the balance sheet, total assets expanded to N189.9 billion from N180.1 billion, with cash and cash equivalents of N114.4 billion forming the largest component.
Total liabilities rose moderately to N75.5 billion from N72.7 billion, driven largely by trade and other payables, which stood at N44.4 billion.
On the equity side, retained earnings increased by 14.69% year-on-year to N54.7 billion from N47.7 billion, lifting total equity to N114.4 billion from N107.4 billion.
Market reaction
The market is expected to respond to the Q1 2026 financial release of Unilever Nigeria Plc at the market open on April 23, 2026, and across subsequent trading sessions as investors assess the results.
In pre-market trading ahead of April 23, 2026, the stock is priced at N110 per share, reflecting a 52.78% year-to-date gain.
