Unilever Nigeria Plc on Wednesday said its total assets decreased to N116.30 billion as of December 31, 2023.

The figure represents a 7.82 per cent decline compared to N125.39 billion in the same period of 2022.

Afolasade Olowo, Unilever Nigeria company secretary, said this in the company’s annual report for the year ended December 31, 2023, disclosed to the Nigerian Exchange Ltd. (NGX) in Lagos.

The company’s total liabilities in 2023 also decreased to N41.80 billion, down from N57.83 billion in 2022, representing a decrease of 17.34 per cent.

However, Unilever’s gross profit for 2023 increased to N36.02 billion, compared to N26.6 billion in 2022, indicating a 35.41 per cent rise.

The company’s operating profit surged to N20.26 billion in 2023 from N8.50 billion in 2022, marking an increase of 138.35 per cent.

Total revenue for the year under review stood at N103.88 billion, up from N68.64 billion in the previous year, representing a growth of 51.34 per cent.

Furthermore, the company’s total equity grew to N74.51 billion in 2023, compared to N67.56 billion in 2022, showing a growth rate of 10.29 per cent.

Unilever’s capital expenditure for the 2023 financial year rose to N2.25 billion, up from N1.56 billion in the same period of the previous year, indicating a 44.23 per cent increase.

As of December 31, 2023, the company was engaged in several litigation “in the normal course of business.”

As of December 31, 2023, the company had a contingent liability of N412 million regarding pending litigation, compared to N194.4 million it had in 2022.

“In the opinion of the directors, it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation,” said the company’s secretary.

(NAN)