Omo, Sunlight, and Lux are among the home care and skin washing products that Unilever Nigeria Plc, a subsidiary of the British-Dutch consumer goods company Unilever Plc, has stated it has stopped producing and selling.
The business released its unaudited interim financial results on Wednesday for the year that ends on December 31, 2023. Public access to this data was provided on the Nigerian Exchange Limited (NGX).
The statement claims that the company decided to leave the skin cleaning and home care categories on March 17, 2023, in order to “reduce exposure to currency liquidity” and “concentrate on higher growth opportunities.”
“These categories are margin dilutive, and the exit is part of the company’s aim to make its operation in Nigeria competitive and profitable,” the statement said.
The business also disclosed that a third party had a ten-year lease on the industrial premises used to make the skin care and washing goods, with yearly rental payments.
In an effort to increase sales and profitability, Unilever Nigeria plans to concentrate on its food, wellness, and personal care items after this exit.
In comparison to the prior year, the corporation recorded lower sales and higher losses in 2023. Revenue from January to December 2022 was N23.92 billion, but it plummeted by 45.1% year over year to N16.48 billion. After-tax loss climbed from N1.49 billion to N3.72 billion over that time.
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In a statement released in March, Unilever Nigeria’s CEO, Carl Cruz, stated that the business must adjust to the shifting market conditions and realign itself to better serve the interests of its customers, shareholders, and staff.
“All companies need to adapt to changing market circumstances, and now is the right time for us to reposition Unilever Nigeria Plc. to better meet the needs of our consumers, shareholders, and employees,” he said.
Furthermore, he promised that the withdrawal from the categories of skin cleansing and home care would happen gradually rather than abruptly.
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