UNILEVER’s 9M:2021 financial performance closely mirrored the steady rebound in economic activities and improved aggregate demand. During the nine-month period, the firm recorded an exceptional growth in revenue of 31.27% YoY from NGN44.73bn in 9M:2020 to NGN58.72bn in 9M:2021. The performance was specifically influenced by the increase in domestic sales- up by 33.19% YoY to NGN58.40bn (vs. NGN43.85bn recorded in 9M:2020). On the other end, export sales slumped significantly by 63.94%YoY from NGN881.48mn in 9M:2020 to NGN317.87mn in 9M:2021.
The Home and Personal Care Products (HPC) and Food Product Segments both witnessed solid sales growth, increasing by 43.89%YoY and 21.41%YoY, respectively. We attribute this to a mix of factors- notably improved demand for food seasoning and home-care products. We also do not rule out the revenue impact of an upward price review on specific products considering the current state of inflation. Overall, we remain optimistic about the firm’s performance for the rest of the year. Our outlook is hinged on the continued growth in domestic sales, bolstered by
improved economic conditions. On this note, we project a 26.24%YoY growth in 2021FY revenue to NGN78.22bn (vs. 61.96bn in 2020FY).
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